Capital One cites money laundering probe to justify closure of Trump Organization bank accounts

Concerns over money laundering by the Trump Organization led Capital One Financial to close more than 300 bank accounts in 2021, the US bank said on Friday as it defended its decision against a lawsuit for illegal debanking. The ‌disclosure marks the first time a bank has formally tied money laundering concerns to ⁠US President Donald Trump’s family business. Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking – or denying services on religious or ‌political grounds – the Trump Organization. The Trump Organization and Capital One did not immediately respond to requests for ⁠comment. Read moreUS judge voids Trump's 'improper' $1.8 billion settlement with IRS Capital One has never accused the Trump Organization of illegal money laundering. But Friday’s filing argues that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (“AML”) reasons. The closures ​were the result of months of analysis and a careful review by Capital One’s AML team ‌in accordance with bank policies and regulatory guidance.” Capital One gave notice of its plans to close more than 300 Trump-affiliated b...