Trump accounts were closed in 2021 over money-laundering concerns, Capital One says
Bank accounts held by US President Donald Trump were closed by Capital One in 2021 after it flagged financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the weekend. The court filing is tied to a lawsuit filed against Capital One by one of Trump’s financial holding companies soon after he was sworn into office a second time. Trump alleges that…
In 2021, Capital One closed bank accounts belonging to former US President Donald Trump due to financial activity that raised suspicions of money laundering, according to a court filing. The lawsuit, filed by one of Trump's financial holding companies, claims the closures were politically motivated following the January 6 Capitol attack.
Capital One maintains that the closures were the result of a thorough analysis by their AML team, adhering to bank policies and regulatory guidance. Trump has sued both Capital One and JPMorgan Chase for alleged debanking, which occurs when banks close accounts due to perceived financial, legal, or reputational risks. JPMorgan Chase denies the allegations, stating it closes accounts "with or without cause" and without political motivations.
The lawsuit against JPMorgan Chase seeks damages of USD 5 billion. Trump's legal team argues that the new allegations are without merit and based on "cherry-picked quotations." Conservatives have long accused banks of debanking them and their political allies.
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