Unlike the unfounded narrative that cryptocurrency enables crime, big banks are more than happy to serve unsavory clients if it is lucrative enough for them. The latest example of this is a report that Jeffrey Epstein was apparently using his bank accounts to fund sex trafficking and possibly other crimes.
Follow the Money
The reported death of the Wall Street financier and convicted sex offender Jeffrey Epstein on Saturday morning in a Manhattan prison cell has left a lot of questions. Among these is how exactly he funded his criminal activities, which included sex trafficking of minors to be used by the rich and powerful. One matter that is not a mystery is how Epstein funded his perversions: he used the traditional fiat banking system, with all its extensive KYC and AML regulations.
The alleged suicide of Epstein shouldn’t stop the “Legions of lawyers, bankers and accountants” that have been digging into his financial affairs in recent weeks claims the New York Times. These include officials conducting internal reviews at the two big banks that worked with him for years, JP Morgan Chase and Deutsche Bank. The employees at both of these financial institutions have reportedly been going over their books in a long overdue attempt to understand how they got into business with the convicted criminal and what exactly he was using their banking services for. A person who was briefed on Deutsche Bank’s internal review reportedly said “it appeared that Mr. Epstein was using his accounts for sex trafficking and possibly other illegal activity.”
Deutsche Bank headquarters on Wall Street in Lower Manhattan, New York