Congressional investigators are scrutinizing Bank of America for its delayed reporting of suspicious transactions tied to Jeffrey Epstein, the disgraced financier who died in 2019 while awaiting trial for sex trafficking. The bank reported $170 million in transactions involving Epstein and billionaire Leon Black in 2020, years after the payments occurred.
According to a congressional memo from staff working under Sen. Ron Wyden (D-OR), the Senate Finance Committee has been investigating these payments for nearly two years. Bank of America filed two suspicious activity reports (SARs) in 2020—one in February and another eight months later. These reports, designed to alert regulators to potential financial crimes, were filed well after Epstein’s death.
#BankofAmerica Flagged Suspicious Payments to #Epstein Only After He Died https://t.co/rl0x5Z0gFZ
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The memo revealed that the bank processed the payments without additional scrutiny or inquiries into their purpose. Money laundering experts say such delays are common in the U.S. banking system, with institutions filing millions of SARs each year. However, the scale and nature of these transactions have raised concerns about Bank of America’s compliance with federal money laundering laws.
Wyden’s office has recommended that the Treasury Department’s Financial Crimes Enforcement Network investigate the matter further. The delayed reporting has prompted questions about whether banks are reluctant to investigate wealthy clients, even when transactions appear questionable.
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A spokesperson for Wyden stated that the senator is reviewing the memo’s recommendations and considering additional action. The findings have renewed calls for stricter oversight of financial institutions and their role in enabling illicit activities.
The controversy surrounding Bank of America’s handling of Epstein-related transactions underscores the broader issue of accountability in the financial sector. Congress is expected to continue probing these issues as part of its larger investigation into Epstein’s network.
