00:00A legal battle between Capital One and the Trump Organization has taken a dramatic new
00:05turn.
00:06In a new court filing, the U.S. banking giant says it closed hundreds of Trump Organization
00:11bank accounts following an extensive anti-money laundering review, rejecting claims that the
00:17decision was politically motivated.
00:19The filing marks the first time a major bank has formally stated in court that anti-money
00:26laundering or AML considerations were the basis for ending its banking relationship with
00:31President Donald Trump's family business.
00:33However, Capital One also makes an important distinction.
00:37The bank does not accuse the Trump Organization of illegal money laundering.
00:42Instead, it says the decision followed months of analysis by its anti-money laundering specialists
00:48and was carried out in accordance with internal policies and federal regulatory guidance.
00:53According to court documents, Capital One informed the Trump Organization in March 2021 that it
01:00intended to close more than 300 Trump-affiliated accounts.
01:04The Trump Organization and Eric Trump later filed a lawsuit in federal court alleging the
01:10bank had targeted the company because of political pressure following the January 6, 2021 attack
01:16on the U.S. Capitol.
01:18The lawsuit argues that the accounts were closed as part of what it describes as political
01:23and politically motivated debanking.
01:25Capital One strongly rejects that allegation.
01:28In its latest filing, the bank argues that the claims are misguided and based on cherry-picked
01:34quotations taken out of context.
01:36The bank maintains that transaction patterns identified during its internal review matched categories
01:42that federal banking guidance instructs financial institutions to examine under anti-money laundering
01:48compliance programs.
01:50The legal dispute has already seen multiple developments.
01:53A federal court in Miami has dismissed two previous versions of the lawsuit, while allowing the
01:59plaintiffs' opportunities to amend and refile their complaint.
02:03Capital One now argues that the latest amended complaint continues to suffer from the same
02:08legal deficiencies identified by the court earlier.
02:11The Trump Organization had not publicly responded to the latest filing at the time of the court
02:17submission.
02:18The case unfolds amid a broader political debate over banking practices in the United States.
02:24Since returning to office, President Trump has repeatedly accused major financial institutions
02:30of discriminating against conservative customers and businesses.
02:33His administration has also promoted measures aimed at preventing what it describes as politically
02:39motivated debanking.
02:41In recent years, the president has pursued legal action over similar allegations against multiple
02:47financial institutions.
02:48For banks, however, anti-money laundering compliance is a legal obligation.
02:53Federal regulations require banks to monitor unusual transaction patterns, conduct internal risk
03:00assessments, and make independent decisions regarding customer relationships based on compliance standards.
03:06Capital One argues its actions followed exactly those regulatory requirements.
03:12The case now moves back before the federal court, where judges will determine whether the Trump
03:17Organization's latest complaint can proceed.
03:20The outcome could have broader implications for how banks balance regulatory compliance with politically
03:26sensitive customers in an increasingly polarized financial and legal environment.
03:32The outcome of the contract, dorian law enforcement is an beneficial
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03:41We'll see all these major issues.
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