Capital One closed bank accounts linked to President Donald Trump in 2021 after flagging financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the weekend. The filing says the accounts were shut following a months-long anti-money-laundering review, not political considerations.
The disclosure came in a lawsuit filed against Capital One by one of Trump's financial holding companies shortly after he was sworn into office for a second time. The filing does not specify how many accounts were affected, but according to Fortune, the review involved roughly 300 Trump-related accounts.
The bank's review identified activity consistent with money laundering, leading to the closure. The lawsuit is now pending in court.