Bank of America is under congressional investigation after reporting $170 million in transactions tied to Jeffrey Epstein and billionaire Leon Black a year after Epstein’s death. The transactions, flagged in 2020, occurred years earlier and have raised questions about the bank’s compliance with anti-money laundering laws.
A memo from Senate Finance Committee Chairman Ron Wyden’s (D-OR) staff revealed that the bank submitted two suspicious activity reports (SARs) in 2020, one in February and another later that year. These reports are intended to alert regulators to possible financial crimes, but the delay has drawn criticism from lawmakers and experts.
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The memo noted that Bank of America processed the payments without investigating their purpose. Congressional investigators have been examining these payments for nearly two years, with Wyden’s office urging the Treasury Department’s Financial Crimes Enforcement Network to look into the bank’s actions.
Money laundering experts say delays in filing SARs are not uncommon, as banks often fail to identify the need for scrutiny or avoid probing affluent clients. However, the timing and scale of these transactions have sparked concerns about potential violations of federal law.
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Wyden’s spokesperson indicated that the senator is considering further action based on the memo’s findings. The case highlights broader issues in the financial industry, including how institutions handle suspicious activity involving wealthy or high-profile individuals.
The investigation into Bank of America is part of a larger effort by Congress to uncover the extent of Epstein’s financial network and the entities that may have enabled his criminal activities.
