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Capital One says it closed Trump Organization accounts over money laundering concerns.
In 2021, the bank closed over 300 accounts affiliated with the Trump family business. The reasons why weren’t made public at the time. Last year, the organization filed suit claiming the closures were politically motivated, but in a filing this week, Capital One revealed that they resulted from an anti-money laundering review.
“The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance … The transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance.”
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