Senate Democrat’s report says major banks ‘looked the other way’ on Epstein

What the report says

A new report from Senator Ron Wyden, the top Democrat on the US Senate Finance Committee, says major Wall Street banks ignored warning signs tied to Jeffrey Epstein’s alleged sex-trafficking network and may have failed to meet anti-money laundering and suspicious-activity reporting obligations. Al Jazeera reported that the report was released on Tuesday and argues the banks helped Epstein maintain access to large sums of cash that were used to move victims and conceal activity.

The report focuses on JPMorgan Chase, Deutsche Bank and Bank of America, and says bank records and court filings reviewed by Wyden’s team point to a pattern of compliance failures. Among the allegations, the report says Bank of America may not have reported about $170m in payments linked to Epstein from investor Leon Black, while JPMorgan executives allegedly helped Epstein withdraw cash through shell companies rather than personal accounts. The report also names several bankers and other alleged associates it says should be examined further.

Al Jazeera said the banks previously reached settlements with Epstein survivors without admitting wrongdoing. In response, Bank of America said it takes legal and regulatory duties seriously and did not facilitate wrongdoing, while Deutsche Bank said it regrets its historical ties to Epstein and has worked with regulators. JPMorgan did not immediately comment.

Wyden said the report should serve as a guide for prosecutors, investigators and lawmakers. The findings arrive amid continuing political pressure over how US authorities handled Epstein-related files, with Congress and the Justice Department under scrutiny over transparency and the limited number of criminal cases beyond Epstein and Ghislaine Maxwell.