Capital One Closes Trump Organization's Accounts Over Anti-Money Laundering Concerns
Capital One Financial has defended its decision to close over 300 bank accounts linked to the Trump Organization, stating it was based on a review by anti-money laundering (AML) experts. The closure occurred in March 2021 and is now at the center of a lawsuit filed by the Trump Organization and Eric Trump in 2025, alleging politically motivated actions tied to 'woke' beliefs following the Jan. 6 Capitol riot. Capital One has not accused the Trump Organization of illegal money laundering but argues that its decision was made according to bank policies and regulatory guidance after months of analysis by AML specialists. The company dismissed claims of political bias as "misguided" and based on incomplete information, noting that flagged transaction patterns align with federal banking guidelines. The case reflects broader tensions between the Trump administration and major banks during his second term, including an executive order in August 2025 banning discriminatory debanking practices. This follows similar legal actions against JPMorgan Chase by Trump.
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Topics: debanking legal_dispute money laundering