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Capital One says Trump Organization accounts closed after AML review
Capital One Financial (NYSE:COF) said it closed more than 300 Trump Organization-affiliated accounts after a months-long review by its anti-money laundering team, according to a court filing reported by Reuters.
The filing represents the first time a bank has formally linked anti-money laundering concerns to its decision to end services for President Donald Trump’s family business.
According to the filing, transaction patterns identified during the review were among the types of activity flagged by federal banking guidance.
The lender notified the Trump Organization in March 2021 that it planned to close the accounts.