Trump bank accounts were closed due to concerns over possible money laundering, Capital One says
Summary
Capital One closed President Donald Trump’s bank accounts in 2021 after identifying financial activities that looked like possible money laundering. Trump filed a lawsuit against Capital One claiming the accounts were closed for political reasons, but the bank said the decision was based on careful analysis and bank rules.Key Facts
- Capital One shut down President Trump’s accounts in 2021 due to suspected money laundering.
- Money laundering means hiding illegal money by making it look legal.
- Trump’s financial company sued Capital One, saying the closures were politically motivated after the January 6 Capitol attack.
- Capital One wants the lawsuit dismissed, saying their anti-money laundering (AML) team followed rules.
- Trump also sued JPMorgan Chase for closing his accounts, seeking $5 billion in damages.
- Both banks deny closing accounts for political reasons and say they close accounts based on risk and regulations.
- Trump’s lawyers claim the banks targeted him for political reasons, but Capital One calls these claims false.
- The issue reflects broader complaints from some groups about banks cutting off customers for political or regulatory reasons.
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