Germany's Federal Financial Supervisory Authority, BaFin, has publicly announced a €45 million administrative penalty against J.P. Morgan SE, the Frankfurt-based European subsidiary of JPMorgan Chase. The fine became legally binding on 30 October 2025 and was disclosed publicly on 6 November 2025. At €45 million, it is the largest penalty BaFin has ever imposed on a financial institution, surpassing the previous record of €40 million levied against Deutsche Bank in 2015.
The penalty relates to conduct between October 2021 and September 2022, during which J.P. Morgan SE systematically failed to submit suspicious transaction reports to the German Financial Intelligence Unit without undue delay, in breach of the German Money Laundering Act — the Geldwäschegesetz, known as the GwG. BaFin found the failures to be systemic rather than isolated or incidental.
HOW THE FINE WAS CALCULATED
BaFin applied a turnover-based formula in calculating the penalty, a methodology available under the GwG for systemic anti-money-laundering breaches.
BaFin imposed a €9.2 million fine on the digital bank N26 in May 2024 in a separate AML-related matter.
ABOUT J.P. MORGAN SE
The Frankfurt entity functions as JPMorgan's principal European booking centre following the post-Brexit reorganisation of its European business and operates under direct BaFin and ECB supervision. The legally binding nature of the penalty as of 30 October 2025 means the enforcement matter is formally concluded on BaFin's side.