U.S. Senate Committee on Finance ranking member releases report alleging major banks enabled hundreds of millions of dollars in Epstein transfers

U.S. Senate Committee on Finance Ranking Member Ron Wyden released a report concluding a four-year investigation into major banks’ handling of Jeffrey Epstein’s financial activity. Based on suspicious activity reports, court records and information requests, the report alleges that senior bankers delayed reporting suspicious transactions, potentially violating federal anti-money laundering laws and allowing Epstein to transfer hundreds of millions of dollars connected to his sex trafficking operation. The report provides new details on activity reported by Deutsche Bank after Epstein’s death, transfers through Bank of America accounts and compliance failures involving JPMorgan Chase and other banks. Wyden proposed requiring bankers to confirm personally that they reviewed potentially suspicious transactions involving ultra-wealthy clients and completed required due diligence for large wire transfers. He also called for increased civil or criminal penalties for patterns of negligent reporting and a requirement for banks to notify the Treasury Department when they exit clients over suspected human trafficking, money laundering or other crimes.