US federal regulators have imposed a $350 million penalty on American Express for failing to identify and report money laundering activity within its systems.

The Office of the Comptroller of the Currency (OCC) said in a statement on Thursday that compliance programs at American Express's banking unit contained deficiencies. The Federal Reserve also announced enforcement action against the New York-based company.

"The bank's suspicious activity monitoring and reporting processes experienced systemic failures, resulting in its failure to timely identify, assess, and adequately report approximately $13 billion in suspected trade-based money laundering activity that occurred over the past decade," the OCC said in its statement.

American Express stated in regulatory filings that the penalty will not affect the company's previously issued full-year 2026 guidance, and the related orders do not impose an asset cap on the company. The company also said that costs associated with remediation are not expected to impact its 2027 guidance.