The bank hit back forcefully, saying in a May legal filing that the USVI government was "complicit in the crimes of Jeffrey Epstein."
Under a "quid pro quo" relationship with top USVI officials, Epstein "gave them advice, influence, and favors," JPMorgan said in the filing. "In exchange, they shielded and even rewarded him... looking the other way when he walked through USVI airports accompanied by girls and young women."
US Virgin Islands Attorney General Ariel Smith said Tuesday the agreement would prevent human trafficking in the future.
"This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking," Smith said.
"We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them," Smith said.
The USVI press release listed a number of "substantial commitments" by JPMorgan to combat human trafficking, including informing law enforcement of perpetrators and terminating customers' accounts if there is credible evidence of wrongdoing.
But a JPMorgan spokesperson said the bank has not changed or fortified its policies due to the accord.
"There are no new commitments. Our controls, compliance, risk, and other functions are always improving, and we are continually investing to become even better," said JPMorgan's Trish Wexler.
"We have always worked closely with law enforcement to help combat human trafficking, and we will continue to look for ways to invest in advancing this important mission."
Source: AFP
