Capital One Cites AML Probe in Closing Trump Accounts

Capital One Financial has revealed that it closed over 300 accounts linked to the Trump Organization following an anti-money laundering (AML) review, as disclosed in a court filing. This marks the first time a bank has formally tied money-laundering concerns to President Donald Trump's family business.

The disclosure came in response to a lawsuit filed by the Trump Organization and Eric Trump in March 2025, which alleged that Capital One closed the accounts due to its 'woke' beliefs and desire to capitalize on political sentiments following the January 6, 2021 riot at the U.S. Capitol. According to Reuters, Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking—the denial of services based on religious or political grounds.

The bank's filing argues that documents and allegations made by the plaintiffs clearly indicate that the account closures were a result of months of analysis and careful review by Capital One’s AML team, in accordance with bank policies and regulatory guidance. The Trump Organization has not responded to requests for comment on these developments.

The federal court in Miami previously dismissed two complaints in the case but allowed plaintiffs to submit amended versions. According to HuffPost, Capital One stated that the latest version of the complaint, filed in July 2025, 'suffers from the same fundamental flaws as their prior two pleadings.' The bank further argued that the Trump Organization's allegations were misguided and based on cherry-picked quotations unsupported by the full context of documents submitted to the court.

This legal battle unfolds against a backdrop of increasing pressure from President Trump’s administration on large banks, echoing conservative complaints that these institutions are targeting the political right. In August 2025, Trump signed an executive order barring discriminatory debanking. Additionally, in January 2026, he filed a suit against JPMorgan Chase on similar grounds.

This is not the first time President Trump has taken legal action involving Capital One and Deutsche Bank. In 2019, during his first term, he sued both banks to prevent them from sharing financial records with Congress as part of a probe led by Democratic lawmakers. Anti-money laundering professionals at Deutsche Bank reportedly flagged certain transactions, but executives allegedly ignored these flags; the bank denied this report at the time.