Investment Banking

JPMorgan hit with record €45m fine from German regulator

BaFin says Wall Street bank’s German unit ‘systemically failed’ to flag suspicious activity without delay

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The US bank’s Frankfurt-based business has come under fire from regulators Photo: Ulrich Baumgarten/Getty Images

Germany’s financial regulator has handed its biggest-ever penalty to JPMorgan, fining the Wall Street bank’s regional unit €45m for shortcomings in money laundering prevention.

JPMorgan SE, the bank’s Frankfurt-based entity, breached its supervisory obligations over internal processes for submitting so-called suspicious activity reports, regulator BaFin said in a statement.

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