Capital One says Trump accounts were closed after laundering review

Capital One said in a court filing that it closed more than 300 bank accounts held by President Donald Trump in 2021 after financial activity was flagged by the bank’s anti-money laundering team.

The filing is tied to a lawsuit by one of Trump’s financial holding companies alleging Capital One illegally closed the accounts for political reasons after the Jan. 6 attacks on the U.S. Capitol. The bank denied that claim and said the closures followed months of review under bank policies and regulatory guidance.

Trump has also sued JPMorgan Chase over alleged debanking. Both banks have denied closing accounts for political reasons, while Trump’s legal team said Monday that Capital One and other major banks targeted Trump, his family and his businesses for political reasons.

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