Court filings disclosed that Capital One closed 385 bank accounts associated with President Donald Trump in 2021 after flagging financial activities characteristic of money laundering. Trump's trust, his companies and his son Eric Trump filed a lawsuit against Capital One last year, alleging the accounts were closed for political reasons following public backlash to the Jan. 6 attacks on the U.S. Capitol. Lawyers for Capital One said in a court filing on July 31 that the closures were the result of months of analysis and a careful review by the bank's anti-money laundering team in accordance with bank policies and regulatory guidance. The bank was charged with a $390,000,000 penalty by the Financial Crimes Enforcement Network on Jan. 15, 2021, for willfully failing to implement and maintain an effective anti-money laundering program. Capital One also admitted that it failed to file thousands of suspicious activity reports from 2008 through 2014 connected to its Check Cashing Group.
Capital One Financial CorporationCourt filings reveal Capital One closed Trump accounts over money-laundering flags, facing lawsuit and prior $390M penalty for AML failures.
JPMorgan Chase & Co