Bank of America Flagged Suspicious Payments to Epstein Only After He Died

Published On Dec 13, 2024, 12:15 PM

Senate staff members are recommending an investigation into Bank of America regarding its delayed reporting of suspicious payments to Jeffrey Epstein by billionaire investor Leon Black. The bank filed suspicious activity reports (SARs) only after several years, despite the substantial payments totaling $170 million. This has raised concerns about potential violations of federal money laundering laws and whether the bank acted laxly in processing these transactions without adequate inquiry into their nature.

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The ongoing investigation by the Senate Finance Committee into Bank of America's actions could lead to regulatory scrutiny and potential penalties. Negative sentiment surrounding the investigation may impact investor confidence and the bank's stock performance in the short term.

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