Capital One Closed Over 300 Trump Accounts Due to Money Laundering Concerns

Capital One has stated in recent court documents that it closed over 300 bank accounts associated with Donald Trump and his family in 2021. The bank cited concerns related to anti-money laundering (AML) regulations as the reason for the closures.

The bank asserts that the decision followed months of analysis and a thorough review conducted by Capital One's AML team, adhering to the bank's policies and regulatory guidelines. The filing notes that these actions were taken in accordance with established procedures.

The closures occurred in March 2021. The Trump Organization and Eric Trump filed a lawsuit against Capital One last year, alleging that the bank terminated their business relationships due to political and social motivations, aiming to distance itself from former President Trump and his conservative views.

Capital One is seeking to have the lawsuit dismissed, arguing that the Trump Organization's claims of political discrimination are vague and fail to acknowledge the factual basis for closing the accounts. The bank has previously denied closing customer accounts for political reasons.