Capital One closed hundreds of Trump Organization accounts in 2021 for anti-money laundering reasons, the bank disclosed in a court filing. The Trump Organization had sued Capital One, claiming the bank debanked them for political reasons.
Background
The Trump Organization maintains that the account closures were politically motivated, while Capital One denies this, stating that the closures were the result of months of analysis by a team with law enforcement experience.
A Trump Organization spokesperson called Capital One’s justification for the account closures ‘completely baseless’ and reiterated the claim that the bank manufactured a rationale for closing the accounts after the January 6, 2021, Capitol breach.
Regulatory Context
Banks are required by law to follow strict anti-money laundering protocols and often have monitoring systems to flag potentially fraudulent activity. The decision to close accounts as a result is not taken lightly, according to banking experts.
Original reporting: El Paso News (HLL/CB) — read the source article.
