Bank of America Responds to Trump’s $1 Billion Debanking Claim
Bank of America CEO Brian Moynihan has responded to former U.S. President Donald Trump’s claim that the bank refused to let him deposit over $1 billion after leaving office. Trump stated that he was denied banking services despite a past good relationship with Moynihan.
While Moynihan didn’t confirm or deny the incident, he emphasized that regulatory rules, not politics, often lead to such decisions. He highlighted the impact of laws like the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Know Your Customer (KYC) on banking practices.
He welcomed reform to outdated financial regulations and warned against behind-the-scenes pressure from regulators that force banks to act without clear legal direction.
The crypto industry has also raised similar concerns, calling this trend “Operation Chokepoint 2.0,” which they say is aimed at cutting off crypto platforms from traditional banking. Decentralized finance is being promoted as an alternative to such control.
