JPMorgan SE, the bank’s consolidated European entity, was fined €45 million (about $52 million) by Germany’s Federal Financial Supervisory Authority (BaFin) for failing to file timely suspicious activity reports during the period from October 2021 to September 2022. The fine was announced on November 6, 2025, and is the largest penalty BaFin has ever levied against a bank, surpassing the €23 million fine imposed on Deutsche Bank earlier that year.
The penalty underscores BaFin’s intensified focus on anti‑money‑laundering enforcement in the wake of the Wirecard scandal and ahead of the European Union’s new Anti‑Money‑Laundering Authority (AMLA) set to open in Frankfurt in July 2025. For JPMorgan, the fine carries reputational risk and could complicate the bank’s planned launch of a digital Chase retail bank in Germany in the second quarter of 2026, as licensing authorities may scrutinize the bank’s compliance framework more closely.
JPMorgan’s spokesperson said the failures were “historical” and that the delayed filings did not impede any investigations. The bank reiterated its commitment to detecting, preventing, and reporting money laundering and financial crimes, noting that it has overhauled its AML systems and tripled the staff in its financial‑crimes compliance unit since 2021.
The fine highlights the operational challenges that can arise from legacy systems and legacy processes. By investing in new technology and expanding its compliance workforce, JPMorgan aims to prevent future lapses and restore confidence among regulators and customers. The incident also serves as a reminder to other European banks that BaFin is willing to impose significant penalties for non‑compliance, especially as the EU moves toward a unified AML regulatory framework.
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