On October 8, 2026, the OCC announced a cease-and-desist order and imposed a $350 million penalty on American Express National Bank for deficiencies in its BSA/AML compliance program. The OCC cited inadequate resources and internal control gaps.
What changed
Significant penalties and an order were set for compliance failures related to BSA/AML requirements.
Compliance perspective
Financial institutions must enhance their BSA/AML compliance measures to prevent such penalties.
Key date
Effective date: October 8, 2026.
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