Bank of America filed two suspicious activity reports (SARs) about $170 million in payments from Leon Black to Jeffrey Epstein, years after the transactions took place.
The SARs meant to alert law enforcement were lodged only after Epstein's death, raising questions of compliance with federal money laundering laws.
Investigators noted that the bank processed payments without inquiring about their purpose, suggesting a significant oversight in due diligence.
The incident spotlights an ongoing issue with the SARs system, where banks often delay filings, potentially enabling criminal activities.
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