FinCEN ordered to probe Epstein bank transactions

What does this do?

This bill would require the Financial Crimes Enforcement Network, known as FinCEN, to investigate whether banks broke federal anti-money laundering laws in connection with Jeffrey Epstein. The investigation would look at whether banks filed required reports too slowly, failed to question large payments, and whether senior executives let employees keep doing business with Epstein after the banks had already dropped him. FinCEN would have to deliver a report to Congress within 100 days, and would have to refer any employee suspected of willfully breaking the law to the U.S. Attorney General.

Who does it affect?

FinCEN, which is part of the U.S. Treasury Department, would lead the investigation. Banks named in the bill include JPMorgan Chase and Bank of America, along with their employees and senior executives.

Why does it matter?

If the investigation finds that bank employees willfully broke anti-money laundering laws, those individuals could face further legal action. Congress would receive a formal report on the findings, which could include information from confidential suspicious activity reports.

Where does it stand?