The Federal Financial Supervisory Authority (BaFin) in Germany has imposed an administrative fine of €45 million on JP Morgan SE (JPMSE) due to “shortcomings in the company’s money laundering prevention”, a statement from the regulator says.
JPMSE operates in Germany as a credit institution, authorised and supervised by BaFin, Deutsche Bundesbank, and the European Central Bank (ECB).
BaFin claims that JPMSE “culpably breached its supervisory obligations regarding internal processes for the submission of suspicious transaction reports”.
The regulator continues: “As a result of these procedural shortcomings, in the period from 4 October 2021 to 30 September 2022, JP Morgan SE systemically failed to submit suspicious transaction reports without undue delay.”
In a statement to FinTech Futures, a JP Morgan spokesperson says: “The fine relates to historical findings and the timing of our SAR filings did not impede any investigations by the authorities.”
“We are deeply committed to detecting, preventing, and reporting money laundering and financial crimes, and are pleased that this matter is now resolved and remediated,” the spokesperson continues.
JP Morgan is currently in the process of launching its consumer banking brand Chase in Germany, which is expected to make its market debut in the country in Q2 2026, as announced in September.
Source: https://www.fintechfutures.com/
