Bank of America is facing intense scrutiny from Congress after reporting suspicious transactions involving Jeffrey Epstein more than a year after his death. The transactions, totaling $170 million, were connected to billionaire Leon Black and occurred years before the bank flagged them to regulators in 2020.
According to a memo prepared by staff for Senate Finance Committee Chairman Ron Wyden (D-OR), Bank of America filed two suspicious activity reports (SARs) in 2020. These reports, used to flag potential crimes like money laundering, were submitted in February and again later that year. Congressional investigators are questioning why the bank delayed reporting and failed to examine the transactions more thoroughly.
#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 the payments for nearly two years. The memo suggests that the Treasury Department’s Financial Crimes Enforcement Network should take a closer look at Bank of America’s actions. Critics argue that the bank’s handling of these transactions raises serious concerns about its compliance with federal money laundering laws.
Experts note that U.S. banks file millions of SARs each year, often long after transactions occur. Delays can stem from a lack of awareness or reluctance to scrutinize wealthy clients. However, the Epstein-related payments have drawn significant attention due to their scale and the nature of Epstein’s criminal activities.
As Chief Administrative Officer @DSteveBoland says, the time for action on climate is now. We’re working alongside communities, clients and partners to drive:
💡 Groundbreaking innovation
🤝 Public/Private collaboration
💵 Strategic investments #WEF23 pic.twitter.com/4buVpIWBpJ— Bank of America News (@BofA_News) January 20, 2023
Wyden’s spokesperson said the senator is reviewing the recommendations and may pursue further action. The incident has reignited debates over financial institutions’ responsibilities in preventing illicit activities and holding high-profile clients accountable.
As Congress continues to investigate Epstein’s financial dealings, the role of major banks like Bank of America in facilitating these transactions remains under the microscope.
