US EditionBaFin Levies Largest-Ever Fine Against JPMorgan
20 Articles
20 Articles
The fine must be due to the fact that JP Morgan SE has "condemned guiltyly" the obligation to submit suspicious transactions reports required by the German law to the banking institutions.
The German banking authority BaFin has imposed a record loss on the US investment bank JPMorgan.
The German banking supervisory authority Bafin, based in Frankfurt, imposes a record penalty for a bank that did not report money laundering cases in time.
Germany's BaFin levies $52m fine on JP Morgan
Germany’s Federal Financial Supervisory Authority (BaFin) has levied an administrative fine of €45m (approximately $52m) against JP Morgan SE, domiciled in Germany. The penalty is stated to be the result of “shortcomings” in the bank’s systems for preventing money laundering. In a statement, BaFin said that JP Morgan SE failed in its supervisory responsibilities concerning the internal processes required for submitting suspicious transaction rep…
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