{"id":552743,"date":"2025-11-06T11:03:14","date_gmt":"2025-11-06T11:03:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/552743\/"},"modified":"2025-11-06T11:03:14","modified_gmt":"2025-11-06T11:03:14","slug":"breaking-jpmorgan-fined-record-e45m-in-germany-for-aml-failings","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/552743\/","title":{"rendered":"BREAKING: JPMorgan fined record \u20ac45m in Germany for AML failings"},"content":{"rendered":"

By PAUL O\u2019DONOGHUE, Senior Correspondent<\/p>\n

GERMANY\u2019S financial watchdog BaFin has imposed a record \u20ac45 million ($52.5 million) fine on Frankfurt-based JPMorgan SE for deficiencies in money-laundering prevention.<\/strong><\/p>\n

The company violated its supervisory duty in internal processes for submitting reports of suspected money laundering, BaFin added.<\/p>\n

\u201cDue 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,\u201d it said.<\/p>\n

The penalty is the largest BaFin has ever handed out to a bank. It comes as the watchdog has taken a tougher stance on compliance breaches.<\/p>\n

JPMorgan is Wall Street\u2019s biggest bank, with an $850 billion valuation. It has also grown to one of the largest lenders in Germany, drawn to its large wealthy customer base, stable regulatory environment and fintech scene.<\/p>\n

The size of the fine reflects JPMorgan\u2019s weight as a banking giant.<\/p>\n

\u201cThe fine relates to historical findings. The timing of our SAR filings did not impede any investigations by the authorities,\u201d JPMorgan said in a statement.<\/p>\n

\u201cWe are deeply committed to detecting, preventing, and reporting money laundering and financial crimes,\u201d the bank added.<\/p>\n

Banks must file suspicious activity reports, or SARs, with authorities when they detect activity that could involve a crime.<\/p>\n

The U.S. bank recently announced it will launch its Chase digital retail bank in Germany in the second quarter of next year. Analysts consider the plan to be a bold move into the crowded market.<\/p>\n

BaFin decision on JPMorgan Germany<\/p>\n

In its decision<\/a>, BaFin, Germany\u2019s FIU, said JPMorgan \u201cbreached its supervisory duties regarding internal processes for submitting suspicious activity reports\u201d.<\/p>\n

\u201cCredit institutions must report to the FIU\u00a0if they suspect that a transaction may be related to money laundering or terrorist financing,\u201d it said.<\/p>\n

\u201cThese suspicious activity reports must be submitted immediately. This allows the\u00a0FIU\u00a0to quickly initiate further steps, if necessary. Such as forwarding the information to law enforcement agencies.\u201d<\/p>\n

BaFin said that, in cases of \u201csystematic violations\u201d, the fine can be based \u201con the total turnover of the credit institution\u201d.<\/p>\n

\u201cThis can lead to very high fines, as in this case,\u201d it said.<\/p>\n

\"AMLWe hope you enjoyed reading this article<\/p>\n

If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!<\/p>\n

View subscription options<\/a>If you have an account, log in<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"By PAUL O\u2019DONOGHUE, Senior Correspondent GERMANY\u2019S financial watchdog BaFin has imposed a record \u20ac45 million ($52.5 million) fine…\n","protected":false},"author":2,"featured_media":552606,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5310],"tags":[2000,299,1824,27599,978],"class_list":{"0":"post-552743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-germany","8":"tag-eu","9":"tag-europe","10":"tag-germany","11":"tag-jpmorgan","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115502423243514062","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/552743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=552743"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/552743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/552606"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=552743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=552743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=552743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}