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.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.
Under the Bank Secrecy Act, bankers are supposed to notify the government whenever they suspect a client is moving funds to launder money or carry out other illegal activities."By failing to report—or choosing not to report — his suspicious financial transactions to federal law enforcement, these banks allowed Epstein to send cash payments and wire transfers to his victims, friends, and collaborators around the world," the report says."The bankers who needed to be asking questions didn't ask them.
Jeffrey Epstein's crimes were hiding in plain sight." The report points to thousands of transactions over nearly two decades and totaling more than a billion dollars.Some of the claims were previously reported by The New York Times, The Wall Street Journal and Bloomberg.
Committee Democrats want the Justice Department to investigate why suspicious activity reports were not filed about Epstein in a more timely manner.They also call for tightening reporting requirements in the future.
"If federal prosecutors are serious about preventing the next Jeffrey Epstein, they must hold Wall Street accountable," the report says.Deutsche Bank responded to the report with a statement saying it regrets its historical connection to Epst...