Bank of America’s Delayed Alert on Epstein Payments Raises Questions

In 2020, Bank of America informed financial regulators about suspicious payments made by billionaire Leon Black to Jeffrey Epstein, the late accused financier. The bank filed two reports, known as “suspicious activity reports” (SARs), with law enforcement. These reports are meant to flag potential crimes like money laundering or sex trafficking. One report was filed in February 2020, and the other eight months later.

What’s interesting is that these reports come several years after the payments were actually made. The total amount was $170 million, and Jeffrey Epstein had already taken his life in jail by the time the first report was filed. This delay has sparked questions about whether Bank of America broke any money laundering laws. Experts point out that banks often file these reports late because they might not have a reason to investigate the transaction immediately, or they might not want to upset wealthy clients. This case highlights a bigger issue with the SARs system. Each year, banks send millions of these confidential reports to regulators, but it’s common for them to be filed long after the transactions occur.

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