The Report, Released by Sen

Senate Democrats released a report accusing JP MorganChase, Bank of America and Deutsche Bank of failing to report suspicious money transfers by Jeffrey Epstein until after his 2019 arrest on sex-trafficking charges. The report, released by Sen. Ron Wyden of Oregon, says more than a dozen bankers at the three banks were aware of Epstein's suspicious transactions dating back to 2002, but mostly did not alert the Treasury Department until years later.

Based on Treasury reports, internal bank records and legal filings, the report alleges thousands of transactions over nearly two decades totaling more than a billion dollars. Under the Bank Secrecy Act, bankers must notify the government of suspected money laundering or illegal activity. "By failing to report—or choosing not to report—his suspicious financial transactions to federal law enforcement, these banks allowed Epstein to send cash payments and wire transfers to his victims, friends, and collaborators around the world, the report says.

"The bankers who needed to be asking questions didn't ask them. Jeffrey Epstein's crimes were hiding in plain sight. Committee Democrats urge the Justice Department to investigate why suspicious activity reports were not filed timely and call for stricter reporting requirements.

If federal prosecutors are serious about preventing the next Jeffrey Epstein, they must hold Wall Street accountable, the report adds. Deutsche Bank said it regrets its historical connection to Epstein, noting it cooperated with regulators and law enforcement and invested in strengthening controls. JP MorganChase did not respond to a request for comment; the report says the bank dropped Epstein as a client in 2013 over human trafficking concerns but did not report suspicious transactions until six years later, shortly after his arrest.