{"id":15119,"date":"2025-11-06T10:37:28","date_gmt":"2025-11-06T10:37:28","guid":{"rendered":"https:\/\/infundpros.com\/?p=15119"},"modified":"2025-11-06T10:37:29","modified_gmt":"2025-11-06T10:37:29","slug":"jpmorgan-hit-with-record-fine-from-german-finance-watchdog","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=15119","title":{"rendered":"JPMorgan hit with record fine from German finance watchdog"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=fd511cbc-d04f-43ea-aa15-e17ef96803af\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Germany\u2019s financial watchdog BaFin has imposed a record \u20ac45mn fine on JPMorgan Chase for shortcomings in its anti-money-laundering controls.<\/p>\n<p>JPMorgan\u2019s Frankfurt-based subsidiary, from which it runs its wider European business, was found to have \u201csystematically\u201d failed to file suspicious activity reports on time between October 2021 and September 2022, BaFin said on Thursday.<\/p>\n<p>JPMorgan has grown to become Wall Street\u2019s biggest bank, with an $850bn market capitalisation that exceeds that of its rivals Bank of America, Citigroup and Wells Fargo combined. <\/p>\n<p>The BaFin penalty relates to weaknesses in the bank\u2019s internal oversight processes for detecting and reporting potential money laundering or terrorism financing transactions. BaFin said the size of the fine reflected the scale of the breaches as well as JPMorgan\u2019s size.<\/p>\n<p>It is the largest fine BaFin has issued against a bank to date, as the regulator seeks to take a tougher stance on compliance and reporting failures. The previous record was a \u20ac40mn penalty levied on Deutsche Bank in 2015 for similar shortcomings.<\/p>\n<p>\u201cThe fine relates to historical findings and the timing of our Suspicious Activity Report filings did not impede any investigations by the authorities,\u201d JPMorgan said. It added that the bank was \u201cdeeply committed to detecting, preventing and reporting money laundering and financial crimes\u201d.<\/p>\n<p>People familiar with the bank\u2019s processes said JPMorgan had since overhauled its systems and tripled the number of people in its financial crimes compliance unit compared with 2021.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/fd511cbc-d04f-43ea-aa15-e17ef96803af\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Germany\u2019s financial&#8230;<\/p>\n","protected":false},"author":1,"featured_media":15120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-15119","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan hit with record fine from German finance watchdog | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Germany\u2019s financial watchdog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=15119\" 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