Capital One Closes Trump Organization Accounts Over Money Laundering Concerns
In a recent court filing, Capital One revealed that it closed over 300 accounts affiliated with the Trump Organization in 2021 due to concerns related to money laundering. The bank had previously kept the reasons for these closures confidential but now states they were part of an anti-money laundering (AML) review conducted by its compliance team. The decision followed months of analysis and was made according to internal policies and federal banking guidance, with Capital One citing suspicious transaction patterns as a key factor in their actions. The Trump Organization had previously sued the bank last year, alleging political bias behind the closures.
Tickers: $COF
Topics: banking Capital One money laundering Trump Organization