Donald Trump's bank accounts were closed by Capital One in 2021 due to financial activity flagged as money laundering.

Bank accounts held by President Donald Trump were closed by Capital One in 2021 -- after it flagged financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the weekend. The court filing is tied to a lawsuit filed against Capital One by one of Trump’s financial holding companies shortly after he was sworn into office a second time. Trump alleges that Capital One illegally closed his accounts for political reasons, following the Jan. 6 attacks on the U.S. Capitol. Capital One wants the lawsuit dismissed. “The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance,” the bank said in the court filing. The term “AML” is an abbreviation for "anti-money laundering". Trump has sued Capital One, as well as JPMorgan Chase, for allegedly debanking him after he left office in 2021. "Debanking" occurs when banks shut down customer accounts because they believe they pose financial, legal or reputational risks to the banks. Both banks have denied they severed their relationships with the president, his sons, and other related businesses for political reasons. The lawsuit against JPMorgan Chase is seeking damages of $5 billion. JPMorgan has said it does not close accounts for political reasons, but closes accounts “with or without cause” and also accounts that create “legal or regulatory risk.” In July, after the original lawsuit had laid dormant for months, lawyers for the president filed an amended lawsuit that alleged the bank debanked him for political reasons. The bank says the new allegations are without merit, saying the complaint rests on “new theories based on cherry-picked quotations.” https://apnews.com/article/trump-capital-one-debanking-money-laundering-5f5cc717e1e011e6195bd765c8f90bad

Bank accounts held by #Trump were closed by #CapitalOne in 2021 after it flagged financial activity that had characteristics of #MoneyLaundering, the bank disclosed in a court filing over the weekend. The filing is tied to a lawsuit filed against CapitalOne by one of Trump’s financial holding companies shortly after he was sworn into office a 2nd time. Trump alleges CapitalOne closed his accounts for political reasons, following the #Jan6 insurrection. #criminal #law https://apnews.com/article/trump-capital-one-debanking-money-laundering-5f5cc717e1e011e6195bd765c8f90bad