Record Blow: BaFin Slaps JPMorgan with €45M Fine
Hey Digital Banking Fanatic!
Lots of movement and work for BaFin these days.
After Operation Chargeback, which arrested 18 people involved in fraud and money laundering through payment firms, the German watchdog had to impose its largest-ever fine of 45 million euros on Frankfurt-based JPMorgan Chase for deficiencies in money-laundering prevention.
BaFin said JPMorgan had systematically filed so-called suspicious activity reports late in the period from October 2021 through September 2022.
In its defense, JPMorgan said that "The fine relates to historical findings and the timing of our Suspicion Activity Report filings did not impede any investigations by the authorities."
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 €40 million penalty for Deutsche Bank in 2015 related to similar shortcomings.
Have a great start to the week, and I'll be back in your inbox with more Digital Banking news tomorrow!
Cheers,
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