Germany’s Federal Financial Supervisory Authority (BaFin) has imposed an administrative fine of 45 million euros on J.P. Morgan SE, domiciled in Frankfurt am Main.

The administrative fine was imposed due to shortcomings in the company’s money laundering prevention. The credit institution culpably breached its supervisory obligations regarding internal processes for the submission of suspicious transaction reports.

As a result of these procedural shortcomings, in the period from 4 October 2021 to 30 September 2022, J.P. Morgan SE systemically failed to submit suspicious transaction reports without undue delay.

The administrative fine notice became final and binding on 30 October 2025.

Credit institutions are obliged entities within the meaning of the German Money Laundering Act (Geldwäschegesetz). They must take appropriate supervisory measures to prevent breaches of the obligations under the Money Laundering Act. One such obligation is the submission of suspicious transaction reports.

Institutions must submit a report to the German Financial Intelligence Unit (FIU) if they suspect that a business transaction might be related to money laundering or terrorist financing.

Such suspicious transaction reports must be submitted without delay. This allows the FIU to promptly take further action if necessary, such as forwarding the information to law enforcement agencies.

In the case of systematic breaches, the amount of the administrative fine can be determined according to the institution’s total turnover. This can result in very high administrative fines, as in the present case.