Charges against Mr Trump’s former aide have been brought as a result of special counsel Robert Mueller’s probe into Russian interference in the 2016 US presidential election.
However, while that investigation focuses on potential meddling by Moscow in the US democratic system, Mr Manafort’s trial will focus more on his dealings in Ukraine, with brief mentions of the election race.
It may however produce politically damaging headlines for the Mr Trump, as the dealings of a man who ran his presidential campaign for three months are picked over in public.
Mr Manafort has denied the charges, but has been warned he could spend the rest of his life behind bars if found guilty.
Prosecutors have lined up 35 witnesses and more than 500 pieces of evidence they believe will show the lobbyist earned more than $60m (£47m) from his Ukrainian dealings, while concealing a “significant percentage” from the IRS.
He may yet face a further trial in Washington this September on charges relating to possible collusion between Russia and the Trump campaign.
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During the current trial, jurors are expected to see photographs of Mr Manafort’s Mercedes-Benz and of his Hampton property putting green and swimming pool.
There is likely to be testimony, too, about tailored Beverly Hills clothing, high-end antiques, rugs and art and New York Yankees seasons tickets.
The luxurious lifestyle was funded by Mr Manafort's political consulting for the pro-Russian Ukrainian political party of Viktor Yanukovych, who was deposed as Ukraine's president in 2014.
Lawyers have tangled over how much jurors will hear of his overseas political work, particularly about his ties to Russia and other wealthy political figures.
Mr Trump and his lawyers have repeatedly sought to play down Mr Manafort's connection to the president, yet the trial won't be entirely without references to the campaign.
Mr Mueller's team says Mr Manafort's position in the Trump campaign is relevant to some of the bank fraud charges.
Prosecutors plan to present evidence that a chairman of one of the banks allowed Manafort to file inaccurate loan information in exchange for a job on the campaign and the promise of a job in the Trump administration that never materialised.