Capital One Financial (COF) disclosed it closed the Trump Organization’s bank accounts in 2021 after conducting an anti-money laundering (AML) review, according to media reports citing legal filings. The bank’s statement comes as it defends itself in a legal matter.
The decision to terminate the banking relationship was made after the financial institution completed its internal AML assessment. While the specifics of the probe were not detailed in the initial reports, the timing suggests a direct link between the review’s findings and the account closures.
This disclosure sheds light on the bank’s regulatory compliance efforts and its approach to managing client relationships when potential risks are identified. The Trump Organization’s banking activities were evidently scrutinized under Capital One’s AML protocols.
