By Thomas Seythal
GERMANY’S financial watchdog BaFin has imposed a €45 million ($52.5 million) fine on Frankfurt-based JPMorgan SE for deficiencies in money-laundering prevention.
The company violated its supervisory duty in internal processes for submitting reports of suspected money laundering, BaFin added.
“Due to these process weaknesses, J.P. Morgan SE systematically failed to submit reports of suspected money laundering in a timely manner between October 4, 2021, and September 30, 2022,” it said.
“The fine relates to historical findings. The timing of our SAR filings did not impede any investigations by the authorities,” JPMorgan said in a statement.
“We are deeply committed to detecting, preventing, and reporting money laundering and financial crimes,” the bank added.
More to follow…
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