Business
Capital One cites anti-money laundering concerns in Trump Organization case
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Capital One is a big bank. The Trump Organization is a company. In 2021, Capital One closes some bank accounts for the Trump Organization. This is important news about how banks work.
Why did the bank close these accounts? Capital One says it has a special team. This team looks for unusual money activities. It checks for money laundering. Money laundering is when people try to make bad money look legal. The team reviews many customer accounts.
The bank says its team found some things. It had concerns about the Trump Organization accounts. Because of these concerns, Capital One decided to close the accounts. This action happened in 2021 after the team's review.
Vocabulary Help
closes
To stop something, like a bank account, from being active.
money laundering
Making illegally gained money appear to come from a legitimate source.
concerns
Worries or issues about something.
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What company closed accounts for the Trump Organization?
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