JPMorgan Fined €45 Million by Germany’s Finance Watchdog

Germany’s Federal Financial Supervisory Authority slapped JPMorgan Chase & Co. with a €45 million ($52 million) fine after it discovered shortcomings in the Wall Street giant’s systems for preventing money laundering.

The watchdog, which is known as BaFin, found JPMorgan failed to submit so-called suspicious activity reports on its network in a timely manner for about a year leading up to September 2022, according to a statement.