(Sharecast News) - Germany's financial regulator has issued a record €45m fine to American bank JP Morgan following shortcomings in money laundering prevention at its regional subsidiary.
BaFin said on Thursday that Frankfurt-domiciled JP Morgan SE had failed to take appropriate "supervisory measures" to prevent breaches of its obligations under the Money Laundering Act.

"The credit institution culpably breached its supervisory obligations regarding internal processes for the submission of suspicious transaction reports," BaFin said in a statement.

"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."

BaFin said that the amount of the administrative fine is determined by an institution's total turnover, hence why JP Morgan's fine was "very high".

US-listed shares of the bank were trading more or less flat in pre-market trading on Wall Street on Thursday.

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