Capital One Says Trump Organization Accounts Were Closed Over AML Review, Not Politics

Capital One Financial has told a U.S. court that it closed bank accounts belonging to the Trump Organization based on anti-money laundering (AML) compliance reviews, not for political reasons.

According to a Reuters report published on Monday, the bank made the disclosure in a court filing seeking the dismissal of a lawsuit brought by the Trump Organization. The filing marks the first time a bank has publicly linked its decision to close the Trump family's business accounts to AML-related concerns.

Capital One stressed, however, that it has never accused the Trump Organization of money laundering or any criminal wrongdoing.

In its court submission, the bank said the documents and the plaintiffs' own allegations demonstrate that the account closures resulted from AML considerations. It stated that the decision followed months of analysis and careful review by its AML compliance team, in accordance with the bank's internal policies and regulatory requirements.

In March 2021, Capital One informed the Trump Organization that it planned to close more than 300 accounts associated with the business.

Four years later, in March 2025, the Trump Organization and Eric Trump filed a lawsuit against Capital One in a federal court in Florida. They alleged that the bank closed the accounts in the aftermath of the January 6, 2021, U.S. Capitol attack, claiming the decision was politically motivated and driven by what they described as the bank's "woke" policies.

In its latest filing submitted on Friday, Capital One argued that the amended complaint still suffers from the same fundamental legal deficiencies as the original case.

The bank also said the allegations of political bias are based on misunderstandings and selectively quoted documents that present a misleading picture of the facts.

According to Capital One, the transaction patterns that raised concerns were consistent with activities identified as potentially suspicious under U.S. federal banking guidance, warranting enhanced AML review.

Since the start of President Donald Trump's second term, his administration has increased pressure on major U.S. banks. Republican lawmakers have accused some financial institutions of denying banking services to conservatives for political or ideological reasons.

In August 2025, Trump signed an executive order aimed at preventing banks from denying services on the basis of political or ideological beliefs.

Earlier, in January 2026, Trump also filed a similar lawsuit against JPMorgan Chase, alleging politically motivated banking discrimination.

During his first term as president, Trump sued Capital One and Deutsche Bank in 2019 in an effort to block the release of his financial records to congressional investigators.

At the time, media reports claimed that anti-money laundering officials at Deutsche Bank had raised concerns over certain Trump-related transactions, although the bank denied those reports.