Capital One Closes Trump Accounts Due to Anti-Money Laundering Review, Seeks Dismissal of Lawsuit
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Capital One stated in a recent court filing that the closure of accounts related to Trump in 2021 was based on anti-money laundering (AML) reviews and banking regulatory requirements, and it is seeking the court to dismiss the lawsuit filed by Trump’s side. The lawsuit was initiated by a financial holding company under Trump shortly after his second presidential inauguration, accusing Capital One of illegally closing his accounts for political reasons following the Capitol riots, which constitutes a form of "debanking." Capital One responded that the decision to close the accounts was made after months of analysis and was reviewed by the bank's anti-money laundering team in accordance with internal policies and regulatory guidelines. The bank stated, "The account closure stemmed from the anti-money laundering team's review of the relevant activities, not from any political stance or external pressure." Trump had previously also sued JPMorgan Chase, alleging that the bank ceased providing banking services for political reasons after he left office. Both banks have denied cutting ties with Trump, his family, and related businesses for political reasons. Capital One emphasized that the closure of accounts was due to certain account activities triggering anti-money laundering risk reviews and provided Trump-related businesses with several months to seek new banking services. Trump had over 300 accounts with the bank, involving various Trump brand businesses such as golf courses and wineries. The outcome of the case will depend on whether the court accepts Capital One's explanations regarding compliance reviews and risk management.
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