Executive Summary
- JPMorgan filed a Suspicious Activity Report (SAR) with the U.S. Treasury flagging over $1 billion in transactions linked to Jeffrey Epstein.
- The report, covering a 16-year period, cited concerns that the funds could be related to human trafficking.
- The U.S. Virgin Islands alleged the bank ignored internal red flags and acted as a “full-service bank” for Epstein’s operations.
- In 2023, JPMorgan settled a lawsuit with the USVI for $75 million and agreed to improve its anti-trafficking policies.
JPMorgan Chase reported more than $1 billion in transactions linked to the late financier Jeffrey Epstein to United States authorities, citing concerns that some of the funds could be connected to human trafficking. According to a 2019 Suspicious Activity Report (SAR) filed with the U.S. Treasury, the bank flagged over 4,700 transactions spanning a 16-year period, indicating a long-term and extensive financial relationship.
The U.S. Virgin Islands (USVI), which later sued the bank, alleged that JPMorgan effectively served as a “full-service bank” for Epstein’s criminal enterprise. In court filings, attorneys for the USVI claimed the institution ignored numerous internal red flags and compliance concerns raised by its own employees regarding Epstein’s large cash withdrawals and frequent transfers because he was a highly profitable client.
The SAR reportedly detailed specific transactions involving other prominent figures. According to reports on the filing, these included trust structures associated with businessman Leslie Wexner and payments connected to financiers Leon Black and Glenn Dubin. The document also noted wire transfers to Russian banks and mentioned Epstein’s relationships with two unnamed U.S. presidents.
Furthermore, court filings by the USVI revealed that JPMorgan continued to process payments for Epstein even after severing ties with him as a client. Over $1.1 million was reportedly paid to numerous women, many with Eastern European surnames, which prosecutors argued was consistent with a pattern of payments to victims within his alleged trafficking network.
In 2023, JPMorgan Chase agreed to a $75 million settlement with the U.S. Virgin Islands to resolve the lawsuit. As part of the agreement, the bank also committed to enhancing its anti-trafficking policies and compliance protocols. It is important to note that allegations detailed in lawsuits and reports represent one side of a legal dispute, and individuals mentioned are presumed innocent until proven guilty in a court of law.