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 due to concerns related to money laundering, as disclosed in a recent court filing. This filing is part of a lawsuit initiated by one of Trump’s financial holding companies shortly after he began his second term in office. Trump claims that the closure of his accounts was politically motivated, alleging that Capital One acted unlawfully following the events of January 6, 2021. Capital One defended its decision to close over 300 accounts affiliated with the Trump Organization, stating that the closure was a result of a money-laundering review. This marks the first instance where a bank has formally linked money-laundering concerns to Trump’s family business. The bank's actions were taken as part of its compliance with anti-money laundering regulations, which require financial institutions to monitor and report suspicious activities. The court filing and subsequent disclosures have drawn attention to the financial practices of the Trump Organization and the scrutiny it faces from financial institutions. Capital One's justification for closing the accounts highlights the bank's commitment to adhering to regulatory standards aimed at preventing financial crimes. The situation underscores the ongoing legal and financial challenges faced by Trump and his business interests.