Capital One Closed Trump Org Accounts Over AML Concerns

Capital One Financial has disclosed that it closed over 300 accounts linked to the Trump Organization in 2021 following an anti-money laundering (AML) review, as revealed 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.

According to HuffPost, the federal court in Miami previously dismissed two complaints in the case but allowed plaintiffs to submit amended versions. 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.

Capital One has never accused the Trump Organization of illegal money laundering. However, according to Al Jazeera, the bank's filing argues that 'documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering ('AML') reasons.' The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.

According to NPR, the case centers on roughly 385 accounts tied to the Trump Organization, Eric Trump, and a collection of affiliated businesses. The Trump-affiliated companies insisted the closures had nothing to do with financial crime or money-laundering but everything to do with politics. Capital One has flatly denied these assertions, arguing that the Trumps' theory rests on 'cherry-picked quotations unsupported by the full context' of the bank's own records.

Capital One also noted it kept its reasoning for the closures confidential at the time and gave the Trump companies months to move their money elsewhere. The presiding judge, Roy Altman, had already dismissed an earlier version of the lawsuit in March on similar grounds, ruling that a bank's reason for closing an account under that kind of open-ended contract clause generally cannot be second-guessed in court.

Attorneys for Capital One have asked a federal judge to dismiss the lawsuit brought by President Trump over it closing hundreds of Trump Organization accounts in 2021. The motion filed by Capital One clarifies that money laundering concerns were the reason the accounts were closed. 'The closures were the result of months of analysis and a careful review by Capital One's [anti-money laundering] team in accordance with bank policies and regulatory guidance,' the court files read.

Capital One argues that the Trump Organization's accounts were closed in a lawful manner. 'Instead, Plaintiffs attempt to keep their misguided allegations of political discrimination alive by speculating that Capital One's anti-money laundering concerns were pretextual and claiming that Plaintiffs were somehow 'misled' by the contractually permitted closure decision,' the court filings read.

The bank adds that its contracts with clients give it the discretion to close any account 'at any time, for any reason or no reason and without notice.' If Capital One's latest motion for dismissal is granted, the Trump Organization will be barred from filing another lawsuit.