Capital One cites money-laundering review to justify closing Trump Organization accounts
Capital One Financial said it closed more than 300 Trump-affiliated bank accounts in 2021 after a money-laundering review. The disclosure marks the first time a bank has formally tied money-laundering concerns to President Donald Trump's family business.
Capital One Financial defended its decision to close more than 300 Trump-affiliated bank accounts in 2021, saying it did so following a money-laundering review. The bank made the disclosure last Friday.
The disclosure marks the first time a bank has formally tied money-laundering concerns to President Donald Trump's family business. The bank's decision had drawn scrutiny in previous years, but its stated rationale had not previously been shared this explicitly.
How the disclosure affects ongoing debate over the Trump Organization's banking relationships and financial reputation remains to be seen. The matter is part of a broader discussion in the US about ties between the banking sector and political figures.
Read next
US vow to dismantle the International Criminal Court labelled 'very worrying'
The Trump administration has vowed to dismantle the International Criminal Court "brick by brick", but analysts say the move has more to do with domestic politics than genuine concerns about the system. One analyst called it "very worrying".
EU calls for 'united action' on border protection after Ceuta mass crossing
Around 140 vessels stranded at Argentine ports after government deregulation decree
US states sue to block Trump tariffs impacting dozens of countries
