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Capital One says it closed hundreds of Trump Organization accounts

financeAug 3, 202654830

Capital One says it closed about 385 bank accounts tied to the Trump Organization in 2021 after a monthslong review by its anti-money-laundering unit, the bank told a court as it asked a judge to permanently dismiss a lawsuit from Trump-affiliated businesses. The bank framed the closures as the result of internal compliance and regulatory standards, not retaliation for the Jan. 6 riot. Capital One said federal banking-secrecy rules would have barred it from publicly disclosing internal AML findings even if it had wanted to. The disclosure is the first time a bank has formally linked money-laundering concerns to President Donald Trump’s family business, according to reporting. Capital One is asking the court to end the litigation rather than face further discovery into its compliance process.

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