American Express was fined $350 million by the OCC for failing to maintain adequate anti-money laundering controls, allowing approximately $13 billion in suspected illicit activity to go inadequately monitored over nearly 11 years. The bank had systemic weaknesses in transaction monitoring, customer identification, and internal controls that prevented proper reporting to law enforcement.
Spain has mandated identity verification for all cryptocurrency ATM transactions through Royal Decree 813/2026, approved on October 8, to strengthen anti-money laundering efforts and prevent untraceable illicit fund transfers. ATM operators have 18 months to implement electronic identity verification systems.