Bank Shuttered Trump Org Accounts Due to $$ Laundering Suspicions

In 2021, Capital One closed around 385 accounts belonging to the Trump Organization, due to suspicious transaction patterns and money laundering concerns. Similar flags were reportedly raised internally at Deutsche Bank in 2019 and by all-cash property purchases across multiple Trump-branded developments due to the high volume of anonymous shell companies involved in the transactions. Capital One's move to close the Trump accounts came shortly after the bank paid a $390 million penalty for Bank Secrecy Act violations, which likely prompted tighter compliance protocols and the removal of high-risk clients to avoid regulatory penalties. The Trump Organization sued claiming the closures were politically motivated retaliation following the January 6 riot. But that suit isn’t likely to go anywhere: Capital One's customer agreement allows account termination "at any time."