Pedophile Financial Accountability Act

Key Points

• This bill orders the Treasury Department's Financial Crimes Enforcement Network (FinCEN) to investigate whether major banks broke federal anti-money laundering laws when handling Jeffrey Epstein's financial transactions.
• The investigation specifically targets JPMorgan Chase and Bank of America, looking at whether they delayed or underreported suspicious activity reports tied to large cash withdrawals, deposits, and wire transfers from Epstein's accounts.
• Investigators would examine whether bank employees ever asked wealthy clients like Leon Black and Les Wexner for proof that their multi-million dollar payments to Epstein were for legitimate services like tax and estate planning.
• FinCEN must deliver a report to Congress within 100 days of the bill becoming law, and the report can include information from suspicious activity reports that are normally kept secret. If bank employees appear to have willfully broken the law, their cases would be referred to the Attorney General for possible criminal prosecution.
• The bill also looks at whether senior bank executives allowed employees to keep working with Epstein even after the bank had officially dropped him as a client over money laundering concerns.