FinCEN investigation and report; referrals to Attorney General

(a)

Definitions

In this section:(1)

Bank Secrecy Act

The term Bank Secrecy Act means subchapter II of chapter 53 of title 31, United States Code.(2)

Director

The term Director means the Director of FinCEN.(3)

Employee

The term employee means an employee of a financial institution.(4)

Financial institution

The term financial institution has the meaning given the term in section 5312(a) of title 31, United States Code.(5)

FinCEN

The term FinCEN means the Financial Crimes Enforcement Network of the Department of the Treasury.(6)

Suspicious activity report

The term suspicious activity report means a report required under section 5318(g) of title 31, United States Code.(b)

Investigation

(1)

In general

The Director shall conduct an investigation into potential violations of the Bank Secrecy Act by financial institutions and employees relating to the handling of transactions involving Jeffrey Epstein.(2)

Requirements

The investigation required under paragraph (1) shall include an examination of—(A)whether employees violated the Bank Secrecy Act by failing to properly screen and report suspicious activity to FinCEN in a timely manner, as required under the Bank Secrecy Act;(B)the facts and circumstances surrounding significant delays in the filing of suspicious activity reports, and the significant underreporting of suspicious activity reports, by financial institutions, including JPMorgan Chase and Bank of America, in relation to large cash withdrawals, deposits, and wire transfers to and from accounts maintained by—(i)Jeffrey Epstein; or (ii) co-conspirators of Jeffrey Epstein; (C)decisions by financial institutions to wait substantial periods of time before reporting the full extent of suspicious activity of Jeffrey Epstein to the Department of the Treasury;(D)whether individual employees asked for any business records or documents substantiating the economic or business purpose of large payments made by Jeffrey Epstein to his clients, including Leon Black, Les Wexner, and others;(E)whether financial institutions ever asked any wealthy individuals to provide records substantiating claims that multi-million dollar payments to Jeffrey Epstein were for purported tax and estate planning services;(F)whether financial institutions used authorities granted under section 314(b) of the USA PATRIOT Act (31 U.S.C. 5311 note) to screen large transfers to accounts maintained by Jeffrey Epstein; and(G)the conduct of senior executives of major financial institutions in relation to allowing employees to continue working with Jeffrey Epstein, even after exiting Epstein as a client over money laundering concerns.(c)

Report

(1)

In general

Not later than 100 days after the date of enactment of this Act, the Director shall submit to Congress a report regarding the outcome of the investigation required under subsection (b).(2)

Permissible information

Notwithstanding any other provision of law or regulation, the report required under paragraph (1) may contain information obtained from suspicious activity reports filed with FinCEN in relation to transactions that moved funds in and out of accounts maintained by Jeffrey Epstein.(d)

Referral to Attorney General

Where appropriate, the Director shall make a referral to the Attorney General regarding any employee who the Director determines merits further investigation in connection with a potentially willful violation of the Bank Secrecy Act or other Federal anti-money laundering laws.