Germany fines JPMorgan €45 million for anti-money-laundering failings

By&nbspNadya Oppenheim

Published connected 06/11/2025 - 15:26 GMT+1 •Updated 15:54

Germany’s financial watchdog BaFin has fined JPMorgan €45 cardinal aft uncovering shortcomings successful nan US bank’s money laundering prevention systems.

The Frankfurt-based subsidiary of JPMorgan Chase & Co. grounded to taxable suspicious transaction reports connected clip betwixt October 2021 and September 2022, BaFin said connected Thursday.

The regulator said nan slope “culpably breached its supervisory obligations” regarding soul processes for flagging perchance illicit activity, resulting successful a nonaccomplishment to study specified transactions “without undue delay”. The good announcement became last connected 30 October, according to BaFin’s statement.

Under Germany’s Money Laundering Act, banks are required to study transactions that mightiness beryllium linked to money laundering aliases violent financing to nan country’s Financial Intelligence Unit (FIU). Prompt reporting allows authorities to analyse and, if necessary, guardant cases to rule enforcement.

BaFin noted that, successful cases of systematic breaches, penalties tin beryllium based connected an institution’s full turnover — perchance starring to important fines, arsenic was nan lawsuit for JPMorgan. The €45mn punishment is nan largest ever imposed by BaFin connected a financial institution. That follows a erstwhile €40mn grounds good levied connected Deutsche Bank successful 2015.

The determination comes arsenic German authorities respond to ongoing challenges successful anti-money-laundering controls, pursuing a bid of financial scandals. These see this week’s arrests of 18 individuals successful an world investigation into online fraud and money laundering networks involving costs providers, arsenic good arsenic nan illness of German payments patient Wirecard successful 2020.

A JPMorgan spokesperson told Euronews: "The good relates to humanities findings and nan timing of our SAR filings did not impede immoderate investigations by nan authorities. We are profoundly committed to detecting, preventing, and reporting money laundering and financial crimes, and are pleased that this matter is now resolved and remediated."