Trump accounts were closed in 2021 over money-laundering concerns, Capital One says

Capital One disclosed in a court filing that it closed bank accounts belonging to Donald Trump in 2021. The bank stated that it flagged financial activity within these accounts that exhibited characteristics of money laundering. This disclosure is part of a lawsuit filed by one of Trump's financial holding companies against Capital One. Trump alleges that the bank illegally closed his accounts for political reasons, specifically following the January 6th Capitol attacks. Capital One is seeking to have this lawsuit dismissed.

Capital One disclosed in a court filing that it closed President Donald Trump's bank accounts in 2021 due to flagged financial activity resembling money laundering. This disclosure is part of a lawsuit filed by Trump's financial holding company, which alleges Capital One illegally closed his accounts for political reasons following the January 6th Capitol attacks. Capital One asserts the closures were the result of an anti-money laundering (AML) team's analysis and review, in accordance with bank policies and regulatory guidance. Trump is also suing JPMorgan Chase for similar reasons, with both banks denying political motivations for account closures. Trump had over 300 accounts with Capital One for various businesses before they were closed.

Capital One has responded to a lawsuit filed by the Trump Organization regarding the closure of over 300 of its bank accounts in 2021. The bank stated that these closures followed a review by its anti-money-laundering (AML) team, marking the first time a bank has formally linked money laundering concerns to the Trump family business. Capital One is seeking to dismiss the lawsuit, which alleges illegal debanking on political grounds, by asserting that the account closures were due to AML reasons in accordance with bank policies and regulatory guidance. The Trump Organization and Eric Trump had sued Capital One in a Florida federal court, claiming the accounts were shut due to political motivations after the January 6, 2021, Capitol riot.

Capital One Financial stated in a court filing that it closed the Trump Organization's bank accounts in March 2021 due to concerns identified by anti-money-laundering (AML) experts. This disclosure marks the first time a bank has formally linked money-laundering concerns to the Trump family business. Capital One is seeking to dismiss a lawsuit filed by the Trump Organization and Eric Trump, who allege the accounts were closed for political reasons. Capital One argues that the Trump Organization's claims of political pretext are misguided and that the account closures resulted from a careful review of transaction patterns flagged by federal banking guidance. The Trump Organization had claimed the closures were due to Capital One's "woke" beliefs and a desire to benefit from the political climate.