Senate Report Accuses Banks of Ignoring Epstein Suspicious Activity

A new report released on Tuesday alleges that several major banks have not complied with legal obligations to flag suspicious financial activity, prompting a call for an independent investigation. The document, issued by an industry watchdog, cites multiple instances where transactions that should have triggered anti‑money‑laundering (AML) alerts were not reported to regulators. It argues that the failures undermine the integrity of the financial system and could facilitate illicit funding.

The report outlines specific breaches of AML statutes, noting that banks were required to submit suspicious activity reports (SARs) within 30 days of detection. According to the findings, some institutions delayed or omitted SARs for high‑risk transactions, contravening both domestic law and international AML standards. The watchdog recommends that the central banking authority launch a comprehensive probe to assess the extent of non‑compliance, review internal controls, and impose sanctions if necessary.

Regulators have acknowledged receipt of the report and indicated that an inquiry will be initiated within the next month. The probe is expected to involve a review of bank records, interviews with compliance officers, and an evaluation of the effectiveness of current AML frameworks. The outcome could lead to stricter enforcement measures and revisions to reporting protocols to ensure that future suspicious activities are identified and reported in a timely manner.