Capital One closed hundreds of bank accounts associated with President Donald Trump and his businesses in 2021 due to concerns over possible money laundering. The bank disclosed this information in a court filing related to a lawsuit brought by one of Trump’s financial holding companies shortly after he left office.
The decision to close the accounts stemmed from flagged financial activity exhibiting characteristics consistent with money laundering, according to Capital One. NDTV reports that Trump has sued Capital One, as well as JPMorgan Chase, alleging debanking following his departure from office. The Washington Times and PBS Newshour similarly report the anti-money laundering concerns prompted the account closures.
ABC News specifies that hundreds of accounts were closed for these reasons. No right-leaning outlets reported on this matter beyond relaying the fact of the account closures, focusing instead on the legal challenge Trump has mounted against Capital One. The lawsuit alleges improper debanking, but does not dispute the bank's stated reason for closing the accounts.
The case remains ongoing, with the central question being whether Capital One acted appropriately in terminating its relationship with Trump’s businesses based on its assessment of potential financial irregularities.
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