US Bank Claims Anti-Money Laundering Review Led to Closing 300 Trump-Linked Accounts

Capital One has disclosed that it closed more than 300 bank accounts associated with the Trump Organization in 2021, attributing the decision to an anti-money laundering review. The bank explicitly stated that the closures were not politically motivated, a claim that directly challenges the Trump Organization's assertion of being "debanked" for political reasons.

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for anti-money laundering reasons and followed “months of analysis.”

The disclosure was made in a court filing on Friday as Capital One seeks to dismiss a lawsuit filed by the Trump Organization last year. The organization alleged that it suffered "considerable financial harm" after its accounts were terminated. In its defense, Capital One asserted that the closures followed "months of analysis" by a team with extensive law enforcement experience and were based on identified "transaction patterns."

The Trump Organization has refuted Capital One's explanation, calling it an "after-the-fact attempt to justify its debanking" and describing the decision as "plainly a politically motivated decision." The organization maintains that the bank "manufactured" a justification after the January 6, 2021, attack on the U.S. Capitol.

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Capital One’s after-the-fact attempt to justify its debanking of Trump related accounts is completely baseless.

This case is one of several legal actions initiated by Donald Trump or his allies. Similar allegations of "debanking" were made against JPMorgan Chase and its CEO Jamie Dimon in January, claims that both the bank and its CEO have denied. The term "debanking" has gained traction among conservative groups and cryptocurrency firms who allege they are denied banking services due to their political or ideological views, although financial institutions cite compliance with regulations as the primary reason for such actions.

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manufactured a justification for closing the accounts after the January 6, 2021, attack on the US Capitol, describing it as “plainly a politically motivated decision.”