US Bank Says It Closed Over 300 Trump-Linked Accounts Over Anti-Money Laundering Review

• Capital One has denied claims that it “debanked” the Trump Organisation for political reasons, telling a US court it closed more than 300 accounts after an extensive anti-money laundering review.

Capital One has revealed that it shut down more than 300 bank accounts linked to the Trump Organisation in 2021, insisting the decision was based on anti-money laundering concerns and not political bias.

The disclosure was made in a court filing submitted to the United States District Court for the Southern District of Florida as the bank seeks to dismiss a lawsuit filed by the Trump Organisation.

The Trump Organisation had sued the financial institution, claiming it suffered significant financial losses after the accounts were closed and alleging the move was politically motivated.

However, Capital One rejected the allegations, stating that the account closures followed months of analysis conducted by specialists with extensive law enforcement experience.

According to the bank, the decision was made strictly for anti-money laundering compliance and had nothing to do with politics.

Capital One said investigators identified transaction patterns that triggered a review of the accounts, although it did not disclose the specific transactions involved or accuse the Trump Organisation of any wrongdoing.

The bank also noted that customers were given several months’ notice to move their banking activities elsewhere before the accounts were officially closed.

Responding to the court filing, a spokesperson for the Trump Organisation dismissed Capital One’s explanation, describing it as an attempt to justify what the company believes was a politically driven decision.

The spokesperson alleged that the bank created the anti-money laundering justification after the January 6, 2021, attack on the US Capitol, insisting the closures were part of a broader effort to target businesses linked to President Donald Trump.

The White House has not commented on the latest court filing.

The legal battle is one of several cases involving allegations of “debanking” filed by Trump and his allies since his return to the White House.

Earlier this year, Trump also sued JPMorgan Chase and its Chief Executive Officer, Jamie Dimon, over similar claims that the bank denied services to him for political reasons. JPMorgan has denied those allegations.

Debanking refers to a financial institution’s decision to terminate or refuse a customer’s banking relationship. Banks may take such action for several reasons, including compliance with anti-money laundering laws, fraud prevention and financial crime regulations.

In recent years, the issue has become politically sensitive, with some conservative groups and cryptocurrency firms claiming they were denied banking services because of their political or ideological beliefs.

Capital One maintains that its actions were taken solely to comply with financial regulations and standard anti-money laundering procedures.