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Germany’s financial watchdog, BaFin, has imposed a record fine of €45 million (about $51.8 million) on US banking giant JPMorgan Chase for lapses in its anti-money laundering obligations.
BaFin said the Wall Street lender had “systematically failed to file suspicious activity reports” within the required timeframe between October 2021 and September 2022, constituting a breach of its supervisory duties.
The regulator noted that the fine — calculated based on the bank’s turnover — is the largest ever issued by BaFin.
Under German law, financial institutions are required to promptly flag transactions that may indicate money laundering or other illicit activity.
A JPMorgan spokesperson acknowledged the penalty, describing it as relating to “historical findings”, and stressed that the delays in filing reports had “not impeded any investigations by the authorities.”
“We are deeply committed to detecting, preventing, and reporting money laundering and financial crimes and are pleased that this matter has been resolved and remediated,” the bank said.
The penalty surpasses the €39 million fine handed to Deutsche Bank in 2015 for similar violations.
Earlier in March, Deutsche Bank was also fined €23 million for compliance failures involving the sale of derivative products in Spain and issues linked to its Postbank operations.
JPMorgan Chase, the largest bank in the United States by assets, maintains a strong presence in Germany.
The bank plans to launch its online platform, Chase, in the German market in the second quarter of 2026, following its debut in the United Kingdom in 2021.
However, the firm is expected to face stiff competition from established fintech players, including N26, Revolut, and Trade Republic.
