Key facts
- Senator Ron Wyden released a report alleging that Bank of America, Deutsche Bank, and JPMorgan Chase may have violated federal anti-money laundering laws.
- The report claims these banks failed to report suspicious transactions linked to Jeffrey Epstein in a timely manner.
- Bank of America allegedly failed to screen and report $170 million in payments to Epstein.
- Deutsche Bank allegedly failed to report over $250 million in suspicious wire transfers tied to Epstein.
- JPMorgan Chase allegedly delayed reporting over $1 billion in suspicious Epstein-linked transfers.
U.S. Senator Ron Wyden has urged federal regulators to investigate major Wall Street banks for their handling of accounts belonging to convicted sex offender Jeffrey Epstein. A report released by Wyden alleges that Bank of America, Deutsche Bank, and JPMorgan Chase may have violated federal anti-money laundering laws by failing to report suspicious transactions in a timely manner.
Wyden's four-year investigation, which reviewed suspicious activity reports (SARs) filed with the Treasury Department and court filings, claims that Bank of America failed to properly screen and report $170 million in payments to Epstein. The bank later concluded in SARs that these transactions had no verifiable business purpose. A Bank of America spokesperson stated the bank takes its legal and regulatory obligations seriously and did not facilitate wrongdoing.
Deutsche Bank allegedly failed to report on time more than $250 million in suspicious wire transfers tied to Epstein, including payments to women in Russia and Eastern Europe. The bank acknowledged its historical connection with Epstein and stated it takes its legal obligations seriously. JPMorgan Chase is accused of delaying the reporting of over $1 billion in suspicious Epstein-linked transfers, including payments to women in Russia and Belarus. A JPMorgan spokesperson refuted this, stating the bank began flagging suspicious transactions for the government as early as 2002 and acted appropriately.
Epstein was a client of JPMorgan from 1998 until 2013, and Deutsche Bank took him on as a client in 2013 after JPMorgan closed his accounts. Treasury has stated it fully cooperates with valid requests for information from Congress. Epstein died in jail in August 2019 while awaiting trial on sex trafficking charges. Wyden is among several lawmakers investigating Epstein's financial relationships on Wall Street, with the House Oversight Committee having recently heard testimony from former Goldman Sachs lawyer Kathy Ruemmler and former Barclays CEO Jes Staley.