Capital One, in response to Trump's "debanking" accusations, states account closures followed months of compliance review

Odaily Planet Daily News: Capital One stated in its latest court filing that the closure of Trump-related accounts in 2021 was based on anti-money laundering (AML) reviews and banking regulatory requirements, not political reasons, and requested the court to dismiss the lawsuit filed by Trump's side.

The lawsuit was filed by Trump's financial holding company shortly after he took office for the second time. Trump's side accused Capital One of illegally closing his accounts for political reasons following the Capitol riot, calling it a "debanking" act.

Trump's legal team stated that Capital One and other major banks "debanked" Trump, his family, and his businesses "for obvious political reasons," and said they would continue to pursue the lawsuit. Capital One responded that the account closure decision was made after months of analysis and review by the bank's anti-money laundering team based on internal policies and regulatory guidelines.

Capital One disclosed that it never made public the account termination decision or the internal review process, and gave Trump-related businesses several months to find new banking services. Trump previously held more than 300 accounts at the bank, involving multiple Trump-branded businesses such as golf courses and wineries. Trump had maintained a banking relationship with Capital One for over a decade. The account closure was not a political statement, but because some account activities triggered an anti-money laundering risk review. The outcome of the case will depend on whether the court accepts Capital One's explanation regarding compliance review and risk management.

Trump has also previously sued JPMorgan Chase, accusing the bank of ceasing to provide banking services for political reasons after he left office. Both banks have denied cutting ties with Trump, his family, and related businesses due to political factors. (Fortune)