Capital One: Closed over 300 Trump Organization accounts in 2021 after AML review

Published Aug 1, 11:18 PM UTC

Capital One Financial has responded to a lawsuit from the Trump Organization by stating that it closed more than 300 Trump-affiliated bank accounts in March 2021 following a thorough anti-money laundering (AML) review. This is the first instance of a bank formally linking money laundering concerns to President Donald Trump's family business. The Trump Organization and Eric Trump filed suit in March 2025, alleging the closures were politically motivated due to Capital One's 'woke' beliefs after the January 6 Capitol riot. Capital One is seeking dismissal, arguing the allegations are 'misguided' and that the account closures were based on transaction patterns flagged by federal banking guidance. The case highlights ongoing tensions between the Trump administration and major banks over accusations of discriminatory debanking against political conservatives.