What did MAGA expect when they voted to put a convicted criminal back in office? Integrity? Honor? Virtue? Those are words no one would ever associate with Donald Trump.
NEW YORK (AP) — "Bank accounts held by President Donald Trump were closed by Capital One in 2021 after it flagged financial activity that had characteristics of money laundering, the bank disclosed in a court filing over the weekend.
The court filing is tied to a lawsuit filed against Capital One by one of Trump's financial holding companies shortly after he was sworn into office a second time. Trump alleges that Capital One illegally closed his accounts for political reasons, following the Jan. 6 attacks on the U.S. Capitol.
Capital One wants the lawsuit dismissed."
The Closures: Following the January 6, 2021, attack on the U.S. Capitol, Capital One conducted reviews and moved to shut down over 300 accounts tied to the Trump Organization. [1, 2] The Allegations: Trump, his trust, and Eric Trump filed a lawsuit arguing the closures were an unlawful, politically motivated effort to distance the bank from his conservative views. [1, 2] The Defense: Capital One asked a federal court in Florida to dismiss the amended lawsuit, stating the closures stemmed from standard compliance and risk assessments rather than political retaliation.
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"Trump had more than 300 bank accounts with Capital One before they were closed. The bank accounts were for a variety of Trump-branded businesses, ranging from a golf course to a winery. Trump had banked with Capital One for more than a decade before the accounts were closed.
In the court filing, Capital One said it had no reason to make a political statement with the closure of Trump's accounts in 2021 and the move had everything to do with activity in the accounts being flagged by anti-money laundering experts with the bank."
AI Overview
Capital One disclosed in a federal court filing that it closed hundreds of bank accounts linked to the Trump Organization in 2021 following an internal anti-money laundering review. The filing is part of a legal defense to dismiss a lawsuit from Donald Trump and his business entities alleging politically motivated "debanking".
Summary
While regulatory bodies like FinCEN previously fined Trump casino properties for anti-money laundering compliance failures, and financial institutions like Capital One closed accounts based on automated or internal AML risk indicators, there are no criminal convictions or formal legal charges of money laundering against the Trump Organization itself.
"The closures were the result of months of analysis and a careful review by Capital One's AML team in accordance with bank policies and regulatory guidance," lawyers for the bank said in a court filing on July 31. "Capital One never publicized the termination decision nor its confidential internal process giving rise to the closure, and it permitted Plaintiffs several months (and granted several extensions) to find new banking services, which they did."
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