Trump bank accounts were closed due to concerns over possible money laundering, Capital One says

Key Points:

• Capital One closed President Donald Trump's bank accounts in 2021 after flagging financial activity with characteristics of money laundering, according to a court filing related to a lawsuit by Trump's financial holding company.
• Trump alleges the closures were politically motivated following the January 6 Capitol attack, while Capital One insists the decision was based on months of anti-money laundering (AML) analysis in line with regulatory guidance.
• Trump has also sued JPMorgan Chase for allegedly debanking him and his businesses, with both banks denying political motives and citing legal, financial, or reputational risks as reasons for account closures.
• The lawsuit against Capital One includes claims of political bias, which the bank disputes as unfounded and based on selective quotations, while Trump's legal team maintains the closures were politically driven.
• The controversy reflects broader conservative allegations of "debanking" for political reasons, a claim intensified by past regulatory actions like Operation Choke Point and recent executive orders aimed at ensuring fair banking practices.