Senator Wyden Seeks Answers from BNY Regarding Epstein Ties
Senator Ron Wyden, D-OR, is pressing BNY for more information regarding bank accounts linked to the late financier and convicted sex offender, Jeffrey Epstein. According to Wyden, many of Epstein’s wire transfers exhibited a pattern suggestive of money laundering, but BNY did not report these transactions to the Treasury Department until 2019, the year Epstein passed away.
Wyden highlighted 18 wire transfers of $1 million each, sent from Epstein-linked BNY accounts to his accounts at JPMorgan Chase in 2007. He questioned whether BNY employees had inquired about the purpose of these transactions or conducted enhanced due diligence.
BNY’s Failure to Report Suspicious Activity
The senator pointed out that in a 2019 filing, BNY disclosed that Epstein had moved $378 million through 270 wire transfers in and out of BNY accounts without identifying their purpose. Wyden suggested that BNY’s delayed reporting of Epstein’s suspicious transactions may have violated the law.
Wyden expressed concern that BNY’s failure to report Epstein’s activities promptly may have facilitated his criminal behavior and allowed the exploitation of women and girls to persist. He emphasized that BNY had the opportunity to intervene by reporting the suspicious transactions.
BNY responded by acknowledging the importance of accountability for such actions and clarified that Epstein was never a direct client of the bank. BNY stated that they would defend themselves against the allegations.
Legal Actions and Investigations
The $378 million in transactions has become the subject of class-action lawsuits filed against BNY and Bank of America by alleged Epstein victims. Wyden has been investigating the financial activities related to Epstein for several years and has called for criminal investigations into the institutions and individuals involved.
Wyden demanded that BNY provide information about the relationship managers overseeing Epstein-linked accounts, as well as any know-your-customer and customer due diligence profiles prepared between 2003 and 2019. He also requested details on cash withdrawals exceeding $10,000 from Epstein-linked accounts and whether any BNY executives were internally investigated regarding their management of these accounts.
Challenges and Legal Disputes
Bank of America has pushed back against the class action, arguing that the amended complaint filed by the plaintiffs lacks substance. BNY and Bank of America are not the only banks facing scrutiny over their connections to Epstein, as JPMorgan Chase and Deutsche Bank have also agreed to settlements with alleged victims.
Wyden’s ongoing investigation aims to uncover any potential wrongdoing and hold those involved accountable. The senator emphasized the importance of addressing financial institutions’ role in enabling criminal activities and called for stricter oversight and enforcement measures.
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