Senate Democrats say banks turned blind eye to suspicious moves by Jeffrey Epstein
A Senate report alleges that major U.S. banks failed to report suspicious financial transactions linked to Jeffrey Epstein for nearly two decades. Democrats are now calling for a Justice Department investigation into the banks' compliance with the Bank Secrecy Act.
Why it matters
The report raises serious questions about the accountability of large financial institutions in preventing money laundering and facilitating criminal activity.
A report from Senate Democrats says big U.S. banks had concerns for years about money moves made by Jeffrey Epstein — but largely kept those worries to themselves until after Epstein was arrested on sex-trafficking charges in 2019.
Law Powerful people, random redactions: 4 things to know about the latest Epstein files The report from Democrats on the Senate Finance Committee, which was released by Sen. Ron Wyden of Oregon, says more than a dozen bankers at JPMorganChase, Bank of America and Deutsche Bank were aware of suspicious transactions Epstein made as far back as 2002.
But in most cases, the report alleges bankers failed to alert the Treasury Department until years later, after Epstein was arrested and charged with sex-trafficking. The report is based on a review of Treasury reports, internal bank records and legal filings.
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