Capital One says it closed Trump Organization accounts after anti-money laundering probe

• Capital One's anti-money laundering team conducted months of analysis before giving notice in March 2021 to close the accounts, identifying transaction patterns flagged by federal banking guidance
• The Trump Organization claims the closures were politically motivated by Capital One's 'woke' beliefs following the January 6, 2021 Capitol riot, not legitimate compliance concerns
• The lawsuit is part of broader Trump administration pressure on banks over alleged discriminatory debanking, including an executive order signed in August 2025 and a separate January lawsuit against JPMorgan Chase

Summary

Key Development: Capital One Financial publicly disclosed for the first time that anti-money laundering (AML) concerns prompted its closure of over 300 Trump Organization-affiliated accounts in March 2021. This marks the first instance of a bank formally linking money laundering concerns to President Trump's family business.

Legal Context: The Trump Organization and Eric Trump filed a lawsuit in March 2025 in Florida federal court, alleging "political debanking" and claiming Capital One closed accounts due to "woke" beliefs following the January 6, 2021 Capitol riot. The Miami court has dismissed two previous complaints but allowed amended filings each time.

Capital One's Defense: In Friday's filing seeking case dismissal, Capital One stated the closures followed "months of analysis and careful review by Capital One's AML team in accordance with bank policies and regulatory guidance." The bank called the Trump Organization's allegations "misguided" and based on "cherry-picked quotations," asserting that transaction patterns matched those flagged by federal banking guidance. Capital One has not accused the Trump Organization of illegal money laundering.

Broader Political Context: President Trump signed an executive order in August 2025 barring discriminatory debanking amid conservative complaints about banks targeting right-leaning customers. Trump filed similar lawsuits against JPMorgan Chase in January 2026. The administration has increased scrutiny on large banks during Trump's second term.

Historical Note: During his first term in 2019, Trump sued Capital One and Deutsche Bank to prevent sharing financial records with congressional Democrats. Deutsche Bank executives reportedly ignored AML flags on Trump-related transactions at that time.