Capital One Closed Trump Organization Accounts Citing Anti-Money-Laundering Concerns
Capital One Financial has responded to a lawsuit challenging its decision to close numerous bank accounts linked to the Trump Organization, stating that the closures followed a thorough review by its anti-money-laundering (AML) experts. This marks the first time a bank has formally connected money-laundering concerns to the business operations of Donald Trump's family enterprise.
In its legal filing, Capital One denied allegations that the account closures were politically motivated or based on religious grounds, describing these claims as unfounded. Although the bank has not accused the Trump Organization of money laundering, documents submitted indicate the decision to close over 300 Trump-affiliated accounts in March 2021 was rooted in compliance with bank policies and federal regulatory guidance focused on preventing illicit financial activities.
The Trump Organization and Eric Trump, Donald Trump’s son, filed a lawsuit in March 2025 in a Florida federal court, accusing Capital One of shutting the accounts due to the bank's alleged “woke” beliefs and to capitalize on the political aftermath of the January 6, 2021, U.S. Capitol riot. Capital One's recent court documents counter that these assertions rely on selective quotations taken out of context and that the transaction patterns they identified are consistent with behavior highlighted in federal AML guidelines.
Since Donald Trump's second presidential term began, his administration has intensified scrutiny and criticism of major banks, echoing conservative concerns that financial institutions discriminate against individuals based on political affiliations. In August 2025, President Trump signed an executive order prohibiting discriminatory account closures, and he later initiated legal action in January against JPMorgan Chase on similar grounds.
Capital One's defense reiterates that the account closures were the outcome of several months of careful analysis by their AML team, adhering strictly to legal and regulatory obligations to detect and prevent money laundering and related financial crimes.