Capital One Financial has formally linked its decision to close more than 300 bank accounts associated with the Trump Organization to anti-money laundering (AML) concerns. This disclosure, made on Friday, represents the first instance where a bank has publicly tied such concerns to Donald Trump's business, according to multiple reports.
Key Details
The bank's assertion came as it sought to dismiss a lawsuit filed by the Trump Organization, which alleges it was illegally "debanked" for political reasons. Capital One stated in its court filing that
documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering ('AML') reasons.
The bank emphasized that the closures were the result of months of analysis and a careful review by its AML team, conducted in accordance with bank policies and regulatory guidance.
The Trump Organization, along with Eric Trump, filed the lawsuit in March 2025 in a Florida federal court, claiming that the accounts were closed due to Capital One's political motivations following the January 6, 2021, Capitol riot. The court has dismissed two previous complaints in the case but has allowed the plaintiffs to submit amended filings. Capital One characterized the allegations of political bias as "misguided" and based on selective quotations.
Background
Capital One had initially notified the Trump Organization in March 2021 of its intention to close the accounts. The latest court filing argues that the Trump Organization's claims lack merit, as the bank has never directly accused it of illegal money laundering.
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The closure of these accounts could have implications for the Trump Organization's liquidity and financial operations, particularly as it navigates ongoing legal challenges. Investors will watch for further developments in the case, particularly any new court rulings that may arise from the amended complaints.