Bank of America is under fire for waiting until 2020 to report suspicious transactions involving convicted pedophile Jeffrey Epstein, more than a year after his death in jail. The transactions, which totaled $170 million, involved payments between Epstein and billionaire Leon Black years earlier.
The bank filed two suspicious activity reports (SARs) with regulators in 2020, according to a congressional memo prepared by staff for Senate Finance Committee Chairman Ron Wyden (D-OR). The first report was submitted in February, followed by another eight months later. These reports, used by authorities to flag potential crimes like money laundering and terrorism financing, raised concerns about the timing and lack of scrutiny on the original transactions.
#BankofAmerica Flagged Suspicious Payments to #Epstein Only After He Died https://t.co/rl0x5Z0gFZ
— Rich Klein (@RichKleinCrisis) December 15, 2024
The Senate Finance Committee has been investigating these payments for nearly two years. Wyden’s office is now recommending that the Treasury Department’s Financial Crimes Enforcement Network investigate Bank of America’s handling of the transactions. The bank reportedly processed the payments without further examining their purpose or requesting additional information.
Money laundering experts note that U.S. banks confidentially file millions of SARs annually, often well after the transactions occur. Reasons for delays can include lack of awareness about the need for scrutiny or hesitation to investigate high-profile clients. However, the scale and timing of these payments have raised questions about whether Bank of America may have violated federal money laundering laws.
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Wyden’s spokesperson indicated that the senator is reviewing the findings and may take further action. The controversy highlights ongoing concerns over financial institutions’ reluctance to challenge affluent clients and their role in enabling questionable activities.
The case underscores the need for accountability and transparency as Congress continues to probe Epstein’s financial dealings and the institutions that facilitated them.
