Ron Wyden Report Alleges Banks Enabled Jeffrey Epstein

Senator Ron Wyden released a report Tuesday alleging that JPMorgan Chase & Co., Bank of America Corp., and Deutsche Bank violated federal anti-money laundering laws by failing to report suspicious financial activity tied to Jeffrey Epstein. The report, based on a four-year investigation into nonpublic U.S. Treasury records, claims these institutions ignored red flags as early as 2002, potentially allowing Epstein to pay victims and collaborators while bypassing Bank Secrecy Act obligations.

According to the findings, JPMorgan Chase identified over $1 billion in suspicious transactions, though some reports were filed only after Epstein's 2019 death, six years after the bank terminated its relationship with him. Deutsche Bank failed to promptly report over $250 million in transfers, while Bank of America reported $170 million in transactions linked to billionaire Leon Black years after they occurred. Leon Black's attorney described the report's assertions as "outrageous and false."

In response, Deutsche Bank expressed regret over its historical connection to Epstein. Bank of America denied facilitating any wrongdoing, and JPMorgan Chase asserted it flagged suspicious transactions for the government as early as 2002. Senate Democrats are now calling on the Department of Justice to investigate the delayed reporting. Wyden is proposing legislation to mandate stricter due diligence for ultra-wealthy clients and increase penalties for bankers who ignore suspicious activity.