Germany’s financial watchdog BaFin has imposed a record €45mn fine on JPMorgan Chase for shortcomings in its anti-money-laundering controls.
JPMorgan’s Frankfurt-based subsidiary, from which it runs its wider European business, was found to have “systematically” failed to file suspicious activity reports on time between October 2021 and September 2022, BaFin said on Thursday.
JPMorgan has grown to become Wall Street’s biggest bank, with an $850bn market capitalisation that exceeds that of its rivals Bank of America, Citigroup and Wells Fargo combined.
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