Capital One shut down 385 Trump accounts over money-laundering flags after its own $390M FinCEN penalty

Capital One closed 385 bank accounts linked to President Donald Trump in 2021 due to financial activities flagged as money laundering, according to court filings. The bank was also fined $390 million by the Financial Crimes Enforcement Network (FinCEN) for failing to implement an effective Anti-Money Laundering (AML) program between 2008 and 2014.

Trump's legal team claims the closures were politically motivated, while Capital One maintains the account closures were the result of an AML review in accordance with bank policies and regulatory guidance. The bank has the right to close accounts due to potential regulatory noncompliance, which could lead to hefty penalties.