Capital One says it closed more than 300 bank accounts associated with President Donald Trump and the Trump Organization in 2021 following an internal anti-money laundering review. Multiple outlets report that the bank notified the Trump Organization in March 2021 that it planned to close the accounts, and that the decision was based on concerns identified through its compliance process rather than political considerations.
According to the outlets, Capital One is defending its actions in the context of an ongoing dispute in which lawyers for the Trump Organization argue the closures were motivated by discrimination or other improper reasons. The bank’s filings characterize the matter as a compliance and policy issue, stating that its anti-money laundering team’s assessment and adherence to internal controls led to the account closures.
Several reports also note that Capital One’s explanation is tied to money-laundering concerns in a way that is presented as notable: it is the first time a bank formally links the closures of Trump-affiliated accounts to money-laundering issues. Capital One is seeking to dismiss the Trump Organization’s claims, according to the coverage.
