Capital One Cites Anti-Money Laundering Review in Trump Organization Account Closures

Capital One Financial has stated it closed bank accounts belonging to the Trump Organization following a review by its anti-money laundering experts. The disclosure, made in a court filing on Friday, is the first time a bank has formally attributed the closure of the former president's family business accounts to money laundering concerns.

Filing Cites AML Protocols

In a motion to dismiss a lawsuit filed by the Trump Organization, Capital One argued its decision was based on established financial compliance procedures. The bank asserts that the account closures in 2021 were not politically motivated but were instead a direct result of a comprehensive internal review.

According to the filing, "documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering ('AML') reasons." The bank stated the action followed months of analysis and a "careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance."

Capital One has not accused the Trump Organization of illegal activity. However, its filing noted that "the transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance."

Lawsuit Alleges Political 'Debanking'

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The Trump Organization and Eric Trump initiated a lawsuit in a Florida federal court in March 2025, alleging the closure of more than 300 affiliated accounts was a form of illegal "debanking." The suit claims Capital One acted on its "woke" beliefs and sought to benefit from the political atmosphere following the January 6, 2021, riot at the U.S. Capitol.

A federal court has dismissed two prior versions of the complaint, though it has allowed the plaintiffs to submit amended filings. Capital One's latest motion argues that the current complaint "suffers from the same fundamental flaws" as the previous ones and that the allegations of political pretext are "misguided."

Context for Financial Institutions

The legal dispute highlights the increasingly complex political environment for major U.S. banks. The Trump administration has echoed conservative concerns that financial institutions are unfairly denying services to individuals and businesses for political reasons.

This issue has been a point of emphasis during Trump's second term, which included a suit against JPMorgan Chase on similar grounds and an August 2025 executive order barring discriminatory debanking. Previously, in 2019, Trump sued both Capital One and Deutsche Bank to prevent them from sharing financial records with Congress.