Capital One bank cites money-laundering probe to justify closing Trump Organization accounts
Capital One Financial on Friday defended its decision to close more than 300 Trump-affiliated bank accounts back in 2021, stating that it did so after a money-laundering review. The disclosure marks the first time a bank has formally tied money-laundering concerns to US President Donald Trump's family business.
Source excerpt
Concerns over money laundering by the Trump Organization led Capital One Financial to close more than 300 bank accounts in 2021, the US bank said on Friday as it defended its decision against a lawsuit for illegal debanking.
The disclosure marks the first time a bank has formally tied money-laundering concerns to US President Donald Trump’s family business.
Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking – or denying services on religious or political grounds – the Trump Organization.
The Trump Organization and Capital One did not immediately respond to requests for comment.
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