Question
What was Epstein’s connection to Deutsche Bank?
Answer
After JPMorgan Chase discontinued its banking relationship with Epstein around 2013, Deutsche Bank became his primary private banking institution, maintaining his accounts until 2018.
Despite Epstein’s public status as a registered sex offender and his 2008 conviction, Deutsche Bank continued to service his accounts and process transactions. Employees raised internal concerns about the account on multiple occasions, but those concerns were overridden by relationship managers focused on maintaining a profitable client.
The New York Department of Financial Services investigated Deutsche Bank’s conduct and in July 2020 ordered a $150 million penalty — the largest penalty specifically related to the Epstein banking relationship, with additional penalties for other compliance failures. Regulators found that transaction monitoring systems had flagged numerous suspicious payments from Epstein’s accounts, including payments to individuals later identified as victims, but that mandatory Suspicious Activity Reports were not filed.
The U.S. Virgin Islands attorney general separately sued Deutsche Bank over its financial facilitation of Epstein’s trafficking operation, arguing the bank’s conduct enabled the crimes.
Total payments processed by Deutsche Bank identified by regulators as suspicious included approximately $1.2 million in payments to individuals who had accused Epstein of misconduct.
Sources
- NYDFS consent order against Deutsche Bank, July 2020
- USVI Attorney General civil complaint against Deutsche Bank, 2022
- New York Times reporting on Deutsche Bank Epstein relationship