economy
Capital One says it terminated Trump account over money laundering concerns
Capital One Bank said concerns over money laundering were behind the closure of one of President Donald Trump’s bank accounts in 2021, responding to a lawsuit from one of Trump’s financial holding companies.
TL;DR
- Capital One Bank cited money laundering concerns for closing Donald Trump's account in 2021.
- The Trump Organization sued, claiming "de-banking" due to political beliefs after the Jan. 6 Capitol riot.
- Capital One stated the closures were due to a review by its Anti-Money Laundering team, not political reasons.
- The bank claims the timing of the closure was coincidental.