Senate demands investigation of Bank of America for Epstein payments after his death

In the United States, Senator Ron Wyden has called for an investigation into Bank of America's reporting of payments connected to Jeffrey Epstein, the financier who passed away in 2019. Concerns have been raised after it was revealed that the bank only flagged suspicious transactions years after the payments occurred, totaling around $170 million. These payments, made between 2012 and 2017 by Bank of America client Billionaire William Black, have been scrutinized for potential violations of federal money laundering laws. Wyden's finance committee has been conducting an investigation into these transactions for nearly two years, amid worries regarding the adequacy of the bank's due diligence. It appears that the bank did not request further information regarding the nature of these transactions when they were processed, raising further questions about the bank's compliance with regulatory requirements. Following civil actions against Epstein’s estate related to his criminal activities, Bank of America began filing Suspicious Activity Reports (SARs), notably after a high-profile lawsuit was initiated against Epstein’s estate in 2020. This timing has led to scrutiny over whether the reports were filed deliberately late, prompting investigators to examine the bank's internal policies and adherence to reporting obligations. Meanwhile, other banks, like JPMorgan Chase and Deutsche Bank, have faced litigation consequences for their roles in allowing Epstein's operations, further amplifying the need for regulatory review within the financial institutions involved in similar transactions. The outcome of Wyden's request for an investigation remains uncertain as the political landscape shifts with the expected change in Senate control.