LONDON/TORONTO /FRANKFURT: Swiss wealth giant UBS opened accounts for Ghislaine Maxwell in 2014 just months after JPMorgan Chase decided to end its relationship with Jeffrey Epstein and helped her manage as much as USD19 million in the years leading to her sex-trafficking conviction, documents show.
The documents, part of a cache released by the US Justice Department last month, provide fresh insights into the extent of UBS’ banking relationship with Maxwell, who was arrested in 2020 and found guilty in 2021 for her role in helping Epstein sexually abuse teenage girls. She is currently serving a 20-year prison sentence. The documents, which include emails and bank statements, show the Swiss lender opened personal and business accounts for Maxwell holding cash, shares and investments in hedge funds.
UBS assigned her two relationship managers, who then helped Maxwell move millions of dollars and accorded her other benefits the bank reserves for its wealthy clients. In 2014, after JPMorgan closed Epstein’s accounts, UBS provided him with a credit card, an email shows.
Epstein had been jailed and pleaded guilty in 2008 to soliciting prostitution from an underage girl. That account was closed in September that year. Epstein’s accountant told him UBS had taken the decision because of the “reputational risk,” an email shows. But the bank continued its relationship with Maxwell even though her proximity to Epstein had been reported by several media, including in an interview with the financier.
UBS declined to respond to Reuters questions for this article, including why it took on a client deemed high risk by another bank. There is no evidence of any wrongdoing on the part of UBS or its advisers, and some documents show the bank conducted due diligence before transferring her accounts from JPMorgan. Reuters could not learn details of the diligence the bank did.
A lawyer for Maxwell did not respond to a request for comment.
Epstein and Maxwell had banked with JPMorgan for years, but the biggest US lender started getting concerned about risks of dealing with them in the years following Epstein’s 2008 conviction.
In 2011, while conducting know-your-customer checks, JPMorgan advised internally that Maxwell be flagged as a “High Risk Client” over her links to Epstein, separate US court documents show. In 2013, JPMorgan decided to close Epstein’s account.
JPMorgan flagged in Epstein’s history that “ er bank policy, felons [like Epstein] are considered high risk and require additional approval,” according to a court submission by the US Virgin Islands against JPMorgan in federal court in New York.
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