Bank of America’s delayed reporting of $170 million in transactions involving Jeffrey Epstein and billionaire Leon Black has raised alarm among congressional investigators. The bank flagged the transactions in 2020 — over a year after Epstein’s death and years after the payments occurred.
According to a memo prepared by staff for Senate Finance Committee Chairman Ron Wyden (D-OR), the bank submitted two suspicious activity reports (SARs) that year. These reports, meant to alert regulators to potential crimes like money laundering, were filed in February and again later that year. Lawmakers are questioning why the bank waited so long to report the payments and whether it violated federal law.
#BankofAmerica Flagged Suspicious Payments to #Epstein Only After He Died https://t.co/rl0x5Z0gFZ
— Rich Klein (@RichKleinCrisis) December 15, 2024
The memo criticized the bank for processing the transactions without investigating their purpose or seeking additional details. Wyden’s office has called for the Treasury Department’s Financial Crimes Enforcement Network to investigate Bank of America’s handling of the matter.
Experts say delayed SAR filings are common in the banking industry, often due to a lack of oversight or reluctance to examine the activities of affluent clients. However, the Epstein-related payments have drawn heightened scrutiny because of the financier’s criminal history and the transactions’ scale.
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A spokesperson for Wyden said the senator is reviewing the findings and may take further steps. The revelations have prompted renewed calls for stricter oversight of financial institutions and their role in facilitating questionable transactions.
As Congress continues its investigation into Epstein’s financial dealings, Bank of America’s actions remain a focal point in the search for accountability.
