In 2021, Capital One took substantial action by shutting down hundreds of banking accounts tied to former President Donald Trump and his business operations. This decision, as per recent court documentation from the bank, was taken on “anti-money laundering grounds.”
In response, a spokesperson from the Trump Organization told ABC News that Capital One was allegedly fabricating a rationale to hide what they believe was clearly a politically inclined move to cut ties with the Trump accounts.
Capital One instead argues that the basis for closing the accounts was the lengthy anti-money laundering analysis and review conducted by the bank. Months before closing the accounts, Capital One agreed to pay a $390,000,000 penalty to the Financial Crimes Enforcement Network for failing to implement and maintain an effective anti-money laundering program.