Capital One Says Trump Accounts Closed in 2021 Over Money-Laundering Concerns

Capital One has disclosed in a court filing that it closed bank accounts held by US President Donald Trump in 2021 after flagging financial activity that had characteristics of money laundering. The disclosure is tied to a lawsuit filed by one of Trump's financial holding companies, which alleges that the bank illegally closed the accounts for political reasons following the January 6 attacks on the US Capitol. Capital One stated that the closures resulted from months of analysis and a careful review by its anti-money-laundering (AML) team, in accordance with bank policies and regulatory guidance. The bank is seeking to have the lawsuit dismissed. Trump has also sued JPMorgan Chase, alleging debanking after he left office in 2021, seeking $5 billion in damages. Both banks have denied closing accounts for political reasons. JPMorgan has stated it closes accounts 'with or without cause' and for 'legal or regulatory risk'. In July, Trump's lawyers filed an amended lawsuit against JPMorgan, which the bank says rests on 'new theories based on cherry-picked quotations'.