Capital One says it closed Trump Organization’s accounts after anti-money-laundering review
Disclosure from 2021 investigation marks first time a bank has formally tied money-laundering concerns to Donald TrumpCapital One Financial hit back on Friday against a lawsuit over its decision to close the Trump Organization’s bank accounts years ago, stating that it did so after a review by anti-money-laundering experts.The disclosure marks the first time a bank has formally tied money-laundering concerns to 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.
Reported by 1 outlet — The Guardian US. See all sources ↓
Capital One says it closed the bank accounts of the Trump Organization after reviewing them for possible money‑laundering. The bank made this disclosure in 2021 while defending itself against a lawsuit that claimed the closure was illegal. Capital One says the decision was based on advice from anti‑money‑laundering experts, not on political or religious bias. This is the first time a major bank has publicly linked money‑laundering concerns to Donald Trump’s family business.
Why it matters
It shows how banks are using anti‑money‑laundering rules to examine accounts tied to high‑profile figures. The case could influence how other banks handle politically sensitive customers and raise questions about fair access to banking services.
- Why did Capital One close the Trump Organization’s accounts?
- It said the closure followed an anti‑money‑laundering review that flagged possible risks.
- What is Capital One arguing in the lawsuit?
- The bank says the lawsuit’s claim of illegal debanking is unfounded and that the closure was for compliance reasons.
- Why is this disclosure notable?
- It is the first time a bank has openly tied money‑laundering concerns to Trump’s business.
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Capital One says it closed Trump Organization’s accounts after anti-money-laundering review
Sources1TypeCoverageThe Guardian US