FOR IMMEDIATE RELEASE
September 2, 2026
Contact: minority_jecpress@jec.senate.gov
Senator Hassan Calls for Details on Trump Bank Accounts’ ‘Suspicious Transactions’ that Raised Money Laundering Red Flags
An internal Capital One investigation identified “suspicious transactions” in line with “Money Laundering and Terrorist Financing ‘Red Flags;’” the bank subsequently closed multiple Trump-connected accounts
WASHINGTON – U.S. Senator Maggie Hassan (D-NH), Ranking Member of the Joint Economic Committee, today called for Capital One to provide more information to Congress about the company’s decision to close multiple bank accounts connected to President Donald Trump for anti-money laundering reasons. As detailed in a court filing earlier this summer, the account closures stemmed from an internal Capital One investigation that identified “suspicious transactions” in line with “Money Laundering and Terrorist Financing ‘Red Flags.’” This comes amidst current and long-standing money laundering issues connected to Trump: For instance, Trump recently pardoned a former CEO – who had been convicted of enabling money laundering that funneled funds to terrorists and sex traffickers – who has been crucial to the success of the Trump family’s World Liberty Financial crypto business.
“The American people deserve to know the extent of President Trump’s ‘suspicious’ – and potentially illegal – financial activities, and Congress needs additional information to conduct thorough oversight of his actions,” wrote Ranking Member Hassan in her request. “This is especially important given the history of financial wrongdoing connected to President Trump, his businesses, and his business partners – including financial flows to terrorists and child abusers.”
In her request, Ranking Member Hassan further highlighted that, “Capital One’s findings add to previous concerns about connections between the Trump family’s businesses and money laundering. In March 2015, the Financial Crimes Enforcement Network (FinCEN) imposed a $10 million fine against the Trump Taj Mahal Casino in Atlantic City ‘for [s]ignificant and [l]ong [s]tanding’ violations of anti-money laundering laws. The Trump resort ‘admitted to several willful [Bank Secrecy Act] violations,’ including failing to ‘maintain an effective AML program,’ ‘report suspicious transactions,’ and ‘properly file required currency transaction reports.’”
Ranking Member Hassan continued, “More recently, several money laundering issues have also arisen in connection with the Trump family’s crypto business, World Liberty Financial, which has been ‘the most lucrative venture of [President Trump’s] entire career,’ according to Axios. World Liberty launched a stablecoin in 2025 that has become one of the five largest in the world and is now ‘generating bumper profits’ thanks in part to a promotional arrangement with cryptocurrency exchange Binance, according to Bloomberg. The Wall Street Journalrecently reported that Binance ‘has played a key role in the Trump family’s crypto ambitions,’ holding nearly 90 percent of the Trump family stablecoin as of June 2026. In 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to violations of the Bank Secrecy Act, including anti-money laundering provisions, that ‘allowed money to flow to terrorists, cybercriminals, and child abusers through its platform’ [...] Despite the serious nature of these offenses, President Trump later pardoned Mr. Zhao.”
Read the full text of Ranking Member Hassan’s request here or below.
Dear Mr. Fairbank:
I write today to request information regarding Capital One’s decision to close multiple Trump-connected accounts for anti-money laundering reasons, which stemmed from a rigorous internal Capital One investigation that identified “suspicious transactions” in line with “Money Laundering and Terrorist Financing ‘Red Flags.’” The American people deserve to know the extent of President Trump’s “suspicious” – and potentially illegal – financial activities, and Congress needs additional information to conduct thorough oversight of his actions. This is especially important given the history of financial wrongdoing connected to President Trump, his businesses, and his business partners – including financial flows to terrorists and child abusers.
Capital One detailed its findings of “suspicious transactions” in a motion to dismiss filing in federal court on July 31, 2026, in a case that the Trump Revocable Trust (which holds President Trump’s assets), Eric Trump, and affiliated companies brought against the bank. These entities alleged that Capital One had closed their accounts for politically motivated reasons. Capital One, however, stated that it “closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons” following a “robust process” involving “months of analysis and a careful review by Capital One’s AML team.” The filing further explained that “the transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance” on identifying “Money Laundering and Terrorist Financing ‘Red Flags.’” Capital One did not, however, detail the nature of the underlying “suspicious transactions” or reveal if the bank reported its findings to law enforcement.
Capital One’s findings add to previous concerns about connections between the Trump family’s businesses and money laundering. In March 2015, for example, the Financial Crimes Enforcement Network (FinCEN) imposed a $10 million fine against the Trump Taj Mahal Casino in Atlantic City “for [s]ignificant and [l]ong [s]tanding” violations of anti-money laundering laws. The Trump resort “admitted to several willful [Bank Secrecy Act] violations,” including failing to “maintain an effective AML program,” “report suspicious transactions,” and “properly file required currency transaction reports.”
More recently, several money laundering issues have also arisen in connection with the Trump family’s crypto business, World Liberty Financial, which has been “the most lucrative venture of [President Trump’s] entire career,” according to Axios. World Liberty launched a stablecoin in 2025 that has become one of the five largest in the world and is now “generating bumper profits” thanks in part to a promotional arrangement with cryptocurrency exchange Binance, according to Bloomberg. The Wall Street Journal recently reported that Binance “has played a key role in the Trump family’s crypto ambitions,” holding nearly 90 percent of the Trump family stablecoin as of June 2026. In 2023, Binance and its founder, Changpeng Zhao, pleaded guilty to violations of the Bank Secrecy Act, including anti-money laundering provisions, that “allowed money to flow to terrorists, cybercriminals, and child abusers through its platform,” according to then-Treasury Secretary Janet Yellen. Despite the serious nature of these offenses, President Trump later pardoned Mr. Zhao. Additionally, the New York Times reported that World Liberty’s sale of $100 million in tokens to suspected money-launderer Guren “Bobby” Zhou “raises questions as to…how fully the company followed anti-money laundering laws” that require enhanced due diligence on higher-risk transactions. In 2025, Mr. Zhou said that he was “very proud to be a major player in…World Liberty.”
The troubling history described above and recent revelations from Capital One suggest a disturbing pattern in which President Trump has personally benefitted from potentially illegal activity while undermining accountability for criminals. To aid Congress in investigating potential wrongdoing by President Trump and his businesses, please provide the following information and documents by September 23, 2026:
- Documents sufficient to identify the circumstances that prompted Capital One’s anti-money laundering review of accounts held by the Trump Revocable Trust, Eric Trump, and affiliated companies, including the transactions, transaction patterns, alerts, jurisdictions, or other information that caused the bank to initiate the review.
- Documents sufficient to show the Capital One policies and procedures that the bank applied during its review.
- Documents reflecting the results of Capital One’s review, including documents sufficient to identify the transactions or other activity that the bank determined exhibited characteristics associated with money laundering or otherwise presented anti-money laundering concerns.
- Documents sufficient to show the chronology and basis for Capital One’s decision to terminate the relevant accounts.
- To the extent permitted by law, documents sufficient to identify any communications, referrals, or disclosures by Capital One to federal or state law enforcement, regulatory, or supervisory authorities concerning the activity underlying Capital One’s review, including the date of each communication or referral, the agency involved, and the nature of the underlying activity.
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