New findings released by Democrats on the US Senate Finance Committee allege that three of America's largest banks allowed Jeffrey Epstein to move more than US$1 billion through suspicious transactions despite repeated internal warnings. The report raises fresh questions about financial oversight, compliance failures and whether warning signs were ignored while Epstein continued operating.
INR Report: Based on reporting by RT HERE.
According to a report released by Democratic members of the US Senate Finance Committee, JPMorgan Chase, Deutsche Bank and Bank of America allegedly failed to act promptly on suspicious financial activity linked to Jeffrey Epstein over many years. The committee claims the banks collectively enabled more than US$1 billion in transfers connected to Epstein's financial network before filing Suspicious Activity Reports (SARs) with the US Treasury.
The report alleges that JPMorgan retained Epstein as a client from 1998 until 2013, despite internal concerns raised by compliance staff. During that period, investigators say Epstein conducted approximately 5,000 suspicious transactions worth around US$1.1 billion. According to the committee, senior executives declined recommendations to sever ties with Epstein until years after his 2008 conviction for child sex offences.
Among the transactions highlighted were payments allegedly made to women from Russia, Belarus and Turkmenistan, along with transfers reportedly linked to individuals described as recruiters or victims of Epstein's trafficking network. The committee states that many of these transactions were not formally reported until after Epstein's 2019 arrest and death in custody.
The Senate report also alleges that Deutsche Bank accepted Epstein as a client after JPMorgan ended the relationship. Between 2013 and 2019, Epstein is said to have conducted more than 1,100 additional suspicious transactions through Deutsche Bank before suspicious activity reports were eventually filed.
Bank of America is also named in the report. Investigators allege the bank did not promptly report approximately US$170 million in payments from billionaire Leon Black to Epstein. Black has previously stated the payments were for legitimate tax and estate planning advice. According to the committee, Bank of America determined the transfers had "no apparent economic, business or lawful purpose" but did not file the relevant reports until 2020.
The report argues that the delays may have undermined the purpose of the US Bank Secrecy Act, which requires financial institutions to report suspected money laundering or transactions connected to criminal activity. Committee investigators concluded that warning signs were visible for years but were not acted upon quickly enough.
Senator Ron Wyden, the ranking Democrat on the Senate Finance Committee, also alleged that officials within the Trump administration resisted efforts to provide the committee with Epstein's banking records. According to the report, Treasury Secretary Scott Bessent declined multiple requests for access to Suspicious Activity Reports, while Senate Republicans opposed legislation that would have compelled the Treasury Department to release the documents.
Does This Affect New Zealand?
The allegations concern the oversight responsibilities of major international banks and the operation of anti-money laundering laws in the United States. While the report focuses on US institutions, it highlights broader questions relevant to financial regulators worldwide about how banks identify, report and respond to suspicious financial activity involving organised crime, trafficking and other serious offences.
It is important to note that these allegations come from a report released by Democratic members of the US Senate Finance Committee. The banks and individuals named may dispute aspects of the findings, and any legal or regulatory consequences will depend on the outcome of ongoing reviews or investigations.
Independent reporting. Original context. Credited sources.