President Donald Trump’s bank accounts were closed by Capital One in 2021 after the bank flagged financial activity that had characteristics of money laundering, according to a court filing. Trump alleges that Capital One illegally closed his accounts for political reasons, following the January 6 protests at the U.S. Capitol.

Background

Trump had more than 300 bank accounts with Capital One before they were closed. The bank accounts were for a variety of Trump-branded businesses, ranging from a golf course to a winery. Trump had banked with Capital One for more than a decade before the accounts were closed.

Capital One wants the lawsuit dismissed, stating that the closures were the result of months of analysis and a careful review by the bank’s anti-money laundering team in accordance with bank policies and regulatory guidance.

Trump has sued Capital One, as well as JPMorgan Chase, for allegedly debanking him after he left office in 2021. Both banks have denied they severed their relationships with the president, his sons, and other related businesses for political reasons.

Original reporting: Dallas TX News (HLL/CB) — read the source article.