Senator Wyden accuses three banks of ignoring Epstein trafficking red flags

A report released by Senator Ron Wyden, a Democrat from Oregon, accuses JPMorganChase, Deutsche Bank and Bank of America of ignoring evidence of sex trafficking and money laundering to maintain relationships with Jeffrey Epstein and billionaire Leon Black. The report alleges the banks failed to conduct due diligence on more than $170 million in payments from Black to Epstein, as reported by American Banker.

Wyden’s investigation found that Epstein relied heavily on payments from Black, his largest source of funding, to finance his activities. The report details suspicious activity reported by Deutsche Bank after Epstein’s death in 2019, including transfers through Bank of America accounts. It also lists 13 senior bankers at the three institutions who allegedly overlooked red flags.

The report states that the banks declined to answer Wyden’s questions or provide documents during the investigation. It accuses the Trump administration of obstructing the probe by withholding Epstein-related bank records from Senate Finance Committee investigators. The Treasury Department did not respond to a request for comment, according to American Banker.

Banks respond to allegations

JPMorganChase stated it began flagging suspicious transactions to law enforcement as early as 2002 and continued to do so even after closing Epstein’s accounts. The bank said no agency contacted it for further records or provided information that would have prompted additional action, as reported by American Banker.

Deutsche Bank said in a statement that it takes its legal obligations seriously and regrets its historical connection with Epstein. A spokeswoman told American Banker the bank has cooperated with regulatory and law enforcement agencies and invested in strengthening its controls. Bank of America did not provide a comment in the report.

Coverage by outlet

American Banker’s report led on Wyden’s accusation that the three banks ignored evidence of sex trafficking and money laundering. It included the $170 million figure for payments from Black to Epstein and detailed the banks’ responses. The report also quoted Wyden’s call for federal investigations and his claim that the Trump administration obstructed the probe.

The report named Leon Black as Epstein’s largest source of funding and listed 13 senior bankers at the three institutions. It quoted Wyden’s statement that the banks made an "intentional choice not to report the financial activity that enabled Epstein’s crimes". American Banker also noted that major banks and individuals linked to Epstein have paid over $900 million to settle related claims.

What the coverage left out

American Banker’s report did not specify the exact timeframe of the $170 million in payments from Leon Black to Epstein, beyond noting that Black paid Epstein $158 million over five years for tax and estate-planning advice. It also did not detail the nature of the suspicious activity reported by Deutsche Bank after Epstein’s death, beyond mentioning transfers through Bank of America accounts.

The report did not name the 13 senior bankers listed in Wyden’s investigation or provide further details about their roles. It also did not clarify which federal agencies Wyden called on to investigate Epstein’s accomplices Darren Indyke, Richard Kahn and Harry Beller.