Deutsche Bank Gradually Cuts Ties with Epstein Over Cash Concerns

• Epstein held at least nine accounts totaling $1.78 million with Deutsche as of May 2019, including arranging 50,000 euros in cash for a European trip in April 2019
• Deutsche paid regulators $150 million in 2020 for banking Epstein from 2013-2019, criticized for weak oversight despite public reports linking him to trafficking young women
• The bank's wealth management head sent an email immediately after Epstein's arrest, triggering an internal review that finally closed all remaining accounts

Deutsche Bank Gradually Cuts Ties with Epstein Over Cash Concerns

Key Facts:

Deutsche Bank continued servicing Jeffrey Epstein for approximately seven months after announcing it would terminate their relationship in December 2018, only closing all accounts following his arrest in July 2019. Newly released U.S. Department of Justice documents reveal the extended timeline of this controversial banking relationship.

Financial Details:

• Epstein held at least nine accounts with Deutsche totaling $1,776,680 as of May 3, 2019
• The bank arranged a €50,000 ($59,300) cash withdrawal in "large bills" for Epstein on April 9, 2019
• Over $30 million moved through one account (Southern Trust Company) in March 2019
• More than $100,000 in transfers to aviation firms occurred in April 2019
• Deutsche paid $150 million to regulators in 2020 as part of a settlement for banking the convicted sex offender

Timeline:

• 2013: Deutsche onboarded Epstein after JPMorgan closed his accounts
• December 21, 2018: Deutsche formally notified Epstein of account closure with February 28, 2019 deadline
• April-May 2019: Bank continued providing services including cash orders and currency exchanges
• July 6, 2019: Epstein's arrest prompted immediate account closure

Market Implications:

The revelations highlight ongoing reputational risks and compliance weaknesses at Germany's largest bank. Deutsche acknowledged "errors" in onboarding Epstein and "weaknesses in processes." The documents underscore regulatory scrutiny facing major financial institutions regarding client due diligence and anti-money laundering protocols, particularly involving high-profile clients with criminal histories.