Capital One says it shut down the Trump Organization’s accounts after an investigation into money laundering
Capital One Financial responded on Friday to a lawsuit regarding its choice to close the Trump Organization’s bank accounts years prior, asserting that the decision followed an evaluation by anti-money laundering specialists.
The disclosure represents the initial instance in which a bank has officially linked money laundering issues to the family business of U.S. President Donald Trump. Capital One is aiming to dismiss the case by questioning the allegations of illegally debanking—or refusing services based on religious or political reasons—against the Trump Organization.
The Trump Organization and Capital One have not yet provided a response to requests for comment.
Capital One has not made any accusations against the Trump Organization regarding illegal money laundering. However, the filing on Friday contends that “documents and the Plaintiffs’ own allegations clearly indicate that Capital One closed the Plaintiffs’ accounts due to anti-money laundering (“AML”) concerns. Capital One’s AML team conducted extensive analysis and a thorough review, aligning with bank policies and regulatory guidance, which led to the closures.
In March 2021, Capital One announced its intention to close over 300 bank accounts associated with Trump. The Trump Organization and Eric Trump, the president’s son, initiated a lawsuit in March 2025 in a Florida federal court, claiming that the accounts were terminated due to Capital One’s “woke” beliefs and its intention to capitalize on the political climate following the January 6, 2021 riot at the U.S. Capitol.
‘MISGUIDED’ ALLEGATIONS: CAPITAL ONE
The federal court in Miami has dismissed two complaints in the Capital One case, yet provided the plaintiffs with chances to submit an amended complaint on both occasions. Capital One stated that the most recent version, submitted in July, “suffers from the same fundamental flaws as their prior two pleadings.”
Capital One stated in a filing on Friday that the Trump Organization’s claims of political pretext were “misguided” and “based on cherry-picked quotations unsupported by the full context” of the documents submitted to the court.
“The transaction patterns recognized by Capital One are included in the types of activity highlighted by federal banking guidance,” the filing stated.
Since the beginning of Trump’s second term, his administration has exerted pressure on several large banks, reflecting conservative grievances that these institutions are intentionally targeting the political right.
In August 2025, Trump signed an executive order that prohibited discriminatory debanking practices. In January, Trump initiated a lawsuit against JPMorgan Chase (JPM.N), highlighting the challenging policy landscape that Wall Street is contending with during the president’s second term.
In 2019, during his initial term, Trump initiated legal action against Capital One and Deutsche Bank in an effoto from disclosing financial records to Congress as part of an investigation led by Democratic lawmakers. Professionals in anti-money laundering at Deutsche Bank are said to have identified a series of transactions, yet executives chose to overlook them; at that time, Deutsche Bank refuted the report.
