Capital One closes Trump Organization accounts after money laundering review

Published Aug 3, 02:59 PM UTC

Capital One Financial Corp has closed bank accounts held by the Trump Organization following a review of potential money laundering risks, according to a report by The Hill. The decision, which was not publicly announced by the bank, came after an internal assessment flagged concerns related to the organization's financial transactions. The Trump Organization, the business entity of former President Donald Trump, had maintained accounts with Capital One for several years. The closure reflects ongoing scrutiny of Trump-related businesses by financial institutions, particularly after the January 6 Capitol riot and subsequent investigations into the Trump Organization's financial practices. Capital One did not provide specific details on the review or the exact reasons for the account closures, but the move aligns with broader trends of banks reassessing relationships with politically exposed persons and high-risk clients. The Trump Organization has not publicly commented on the account closures.