U.S. Democratic Senator Ron Wyden called for federal regulators to probe big banks over their handling of Jeffrey Epstein’s accounts after surfacing what Wyden said was potential evidence that the banks failed to report suspicious transactions linked to the late convicted a sex offender.
In a report released on Tuesday, Wyden alleged that Bank of America, Deutsche Bank and JPMorgan Chase may have violated federal anti-money laundering laws by failing to report Epstein’s suspicious transactions .
Wyden’s four-year investigation included a review of so-called suspicious activity reports (SARs) which banks file to the Treasury Department, materials from lawsuits and court filings, and information the senator sought from Wall Street banks and the U.S. Treasury.
Bank of America failed to properly screen and report $170 million in payments to Epstein, Wyden’s report said, adding that the bank years later concluded in suspicious activity reports that the transactions had no verifiable business purpose.
“We take our legal and regulatory obligations seriously and, as we have previously said, the bank did not facilitate wrongdoing,” a BofA spokesperson said.
Deutsche Bank failed to report on time more than $250 million in suspicious wire transfers tied to Epstein, including payments to women in Russia and other parts of Eastern Europe, the report said. Deutsche Bank said in a statement that it takes its legal obligations seriously and regrets its historical connection with Epstein.
Wyden’s report also alleged that JPMorgan delayed reporting over $1 billion in suspicious Epstein-linked transfers to the Treasury, including payments to women in Russia and Belarus.
A spokesperson for the bank said this was false. “We began flagging suspicious transactions for the government as early as 2002 and throughout our relationship…even after we closed his accounts,” she said. “We acted appropriately on what we knew, when we knew it, as the law requires.”
Epstein was a JPMorgan client from 1998 until the bank cut him off in 2013, years after he pleaded guilty to prostitution-related charges. Deutsche took him on as a client in 2013 after JPMorgan closed his accounts.
“We have cooperated with regulatory and law enforcement agencies regarding their investigations and have been transparent in addressing deficiencies and investing in strengthening our control environment in parallel,” a Deutsche Bank spokesperson said.
An administration official said Treasury does not comment on investigations, including to confirm or deny whether one exists. Treasury has fully cooperated with valid requests for information from Congress, the official said.
Wyden is one of several lawmakers examining Epstein’s relationships on Wall Street. Last month, lawmakers on the House Oversight Committee heard testimony from former Goldman Sachs top lawyer Kathy Ruemmler and former Barclays CEO Jes Staley about their dealings with Epstein, and both say they were unaware of his crimes.
Bank of America says it takes its legal and regulatory obligations seriously and has previously said it did not facilitate wrongdoing. Deutsche Bank says it takes its legal obligations seriously, regrets its historical connection with Epstein, and has cooperated with regulatory and law enforcement agencies while investing to strengthen its controls.
JPMorgan disputes Wyden’s allegation, calling it false and saying it began flagging suspicious transactions for the government as early as 2002 and continued doing so even after closing Epstein’s accounts. Epstein was a JPMorgan client from 1998 until 2013, and Deutsche Bank took him on as a client that same year after JPMorgan closed his accounts.
A U.S. administration official says the Treasury does not comment on investigations, including whether one exists, but has fully cooperated with valid congressional requests for information.
Wyden is one of several lawmakers examining Epstein’s relationships on Wall Street. Last month, lawmakers on the House Oversight Committee heard testimony from former Goldman Sachs top lawyer Kathy Ruemmler and former Barclays CEO Jes Staley about their dealings with Epstein, and both say they were unaware of his crimes.
About the Author
Becky Anthony is a tech writer and researcher at techregard. Based in Nigeria, she has a background in English from Bayero University and a strong interest in how technology drives growth and access. She enjoys telling stories about technology, startups and innovation in ways that are clear, human and useful for readers across Africa and globally.
