In 2020, Bank of America posthumously flagged possibly suspicious payments involving billionaire Leon Black and Jeffrey Epstein, the pedophile financier who died awaiting trial for sex trafficking. The bank submitted two suspicious activity reports (SARs) to regulators. The timing of the filings has prompted congressional investigators to question the possibility of federal money laundering law violations by Bank of America.
Authorities use such reports to alert them to possible crimes, including money laundering and terrorism financing. According to a congressional memorandum, these reports were filed in February 2020 and again eight months later—but the transactions, totaling $170 million, had occurred years prior.
The bank, which did not scrutinize these transactions for their purpose, processed the payments without seeking additional information.
Senator Ron Wyden of Oregon’s staff prepared a congressional memo under the direction of the Senate Finance Committee chairman. The memo recommends that the Treasury Department’s Financial Crimes Enforcement Network scrutinize Bank of America’s actions. The committee has been investigating the payments from Black to Epstein for almost two years.
According to money laundering experts, U.S. banks file millions of these reports confidentially with regulators each year, often significantly after transactions occur. Reasons for delayed reporting may include banks being unaware of the need to investigate or reluctance to scrutinize affluent clients. […]
— Read More: thenationalpulse.com
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