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US Senate Report: Major Banks Enabled Epstein's Sex Trafficking and Money Laundering
A report released by US Senate Democrats documents that JP Morgan Chase, Deutsche Bank, and Bank of America allowed Jeffrey Epstein to finance his criminal activities and may have violated money laundering laws.
Senator Ron Wyden, the top Democrat on the Senate Finance Committee, released a shocking report on the major banks involved in the Jeffrey Epstein scandal. According to the report, JP Morgan Chase, Deutsche Bank, and Bank of America blatantly ignored evidence of Epstein's sex trafficking and money laundering to avoid losing a wealthy client.
These actions by the banks gave Epstein ready access to cash, which he used to lure, house, and transport victims as part of his sex trafficking network. Wyden wrote that bank records and court documents reviewed by his team detailed this 'shocking pattern'.
Specific Allegations Against the Banks
The report stated that Bank of America 'likely violated' federal money laundering laws by failing to report a $170 million payment from billionaire investor Leon Black to Epstein. It also alleged that JP Morgan Chase executives coached Epstein on how to withdraw cash through shell companies instead of personal accounts and helped him hide information from compliance staff and government regulators.
Banks' Responses and Previous Settlements
A Bank of America spokesperson reiterated that the bank takes its legal obligations seriously and did not facilitate misconduct. Deutsche Bank expressed regret over its historical connection to Epstein and said it cooperated with regulators. JP Morgan Chase did not respond to a request for comment. All three banks had previously reached multimillion-dollar settlements with Epstein victims without admitting any wrongdoing.
Efforts to Fully Release Epstein Files
The report comes as both Republicans and Democrats question why the Epstein investigation resulted in so few US criminal cases beyond Epstein and Ghislaine Maxwell. Last November, the Senate and House passed a bipartisan bill requiring the Justice Department to release all files within 30 days. Although the Justice Department said all files were released as of January, it was criticized for redactions. Lawmakers introduced a new bill that would impose criminal penalties if full, unredacted access to the files is not provided.
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