Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), has imposed a record 45 million euro ($51.8 million) fine on United States banking giant JPMorgan Chase. The penalty, announced on Thursday, addresses failures in the bank’s anti-money laundering compliance.
BaFin stated that JPMorgan systematically failed to submit suspicious activity reports in a timely manner between October 2021 and September 2022. This breach of German financial law marks the largest fine the regulator has ever issued, calculated based on the bank’s turnover.
A JPMorgan spokesperson acknowledged the fine, noting it relates to “historical findings.” The bank emphasized that the delayed filings did not impede any official investigations and stated it remains committed to detecting and reporting financial crimes.
The penalty surpasses the previous record of 39 million euros levied against Deutsche Bank in 2015 for similar violations. JPMorgan, the largest US bank by assets, plans to launch its digital Chase bank in Germany by the second quarter of 2026, entering a competitive market dominated by fintech firms like N26 and Revolut.
Source: newsghana.com.gh
