Capital One links 300 Trump Organization accounts to AML review
Capital One gave notice of its plans to close more than 300 Trump Organization accounts back in March 2021, following a deep dive by its anti-money-laundering (AML) team.
The bank shared this information while asking the court to toss out a lawsuit from the Trump Organization and Eric Trump, the president's son, who claim the closures were politically motivated after the January 6 Capitol riot, a claim Capital One firmly denies.
Capital One denies politically motivated closures
Capital One says it spent months analyzing account activity and spotted some suspicious patterns, which led to shutting down the accounts.
The bank insists there was no political bias involved, calling those claims "misguided" and based on selective quotes.
While it hasn't accused Trump's business of money laundering, this is the first time AML concerns have been formally tied to his company.