How Deutsche Bank Became Epstein’s Bank
JPMorgan Chase terminated its banking relationship with Epstein in 2013approximately five years after his 2008 conviction and sex offender registration. Seeking a new banking institution, Epstein approached Deutsche Bank, which agreed to take him as a client.
What Deutsche Bank Knew
When Deutsche Bank onboarded Epstein, his 2008 conviction was a matter of public record. The bank:
- Conducted some due diligence that identified the conviction
- Made a business decision to proceed based on the revenue opportunity (Epstein’s portfolio generated substantial banking fees)
- Failed to implement adequate transaction monitoring given his known risk profile
The Fee Revenue
Deutsche Bank generated an estimated million in fee revenue from Epstein during the five-year relationship.
Suspicious Transactions
Internal compliance reviews at Deutsche Bank identified unusual transaction patterns in Epstein’s accounts, including significant cash withdrawals and payments to named co-conspirators. These were logged but did not result in terminating the relationship.
Termination in 2018
Deutsche Bank terminated Epstein’s accounts in late 2018following the Miami Herald’s initial publication of Julie Brown’s investigation in November 2018.
Regulatory and Legal Consequences
- 2020: NY Department of Financial Services (NYDFS) fined Deutsche Bank ** million** for compliance failures in maintaining the Epstein relationship
- 2023: Deutsche Bank settled civil suits related to the USVI and Epstein victims for approximately ** million**