BaFin fines J.P. Morgan SE €45M for systematic delays in filing suspicious transaction reports, breaching AML obligations between Oct 2021 and Sept 2022

The regulator found persistent deficiencies in the bank’s processes for detecting, assessing, and reporting suspicious transactions, indicating weaknesses in its internal control and compliance systems. BaFin stated that these shortcomings undermined the timely fulfilment of AML reporting duties and reflected inadequate governance over key compliance functions…