A report by U.S. Sen. Ron Wyden alleges that Deutsche Bank failed to promptly flag over $250 million in suspicious transactions linked to convicted sex offender Jeffrey Epstein, while Bank of America waited 5 to 7 years to report millions of dollars in transactions tied to financier Leon Black, including wires with no apparent lawful purpose, according to the report.
The report by U.S. Sen. Ron Wyden, released Tuesday, alleges that both Deutsche Bank and Bank of America failed to comply with anti-money laundering requirements in handling transactions linked to Jeffrey Epstein and his associates. According to the report, Deutsche Bank did not promptly flag over $250 million in suspicious transactions, while Bank of America took 5–7 years to report millions of dollars in transfers tied to financier Leon Black, some of which lacked any apparent lawful purpose.
The report adds to a growing body of congressional scrutiny into financial institutions' ties to Epstein. As The Zioneer has reported, the Epstein case has prompted multiple investigations, including a review of the Bill & Melinda Gates Foundation's past ties to Epstein, which led billionaire investor Warren Buffett to defer his regular donation to the foundation pending the review's findings. The Wyden report is the latest in a series of congressional inquiries into how major banks have handled Epstein-related accounts and transactions.
It remains unclear whether the report will lead to regulatory action or further investigations by the Department of Justice.
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