Capital One Defends Closure of Trump Accounts Amid Anti-Money Laundering Probe

Capital One has responded to a lawsuit from the Trump Organisation by claiming it closed their accounts due to anti-money laundering concerns. The bank filed its response on Friday, stating that it had reviewed the organisation's transactions and found patterns of activity flagged by federal banking guidance.

The dispute dates back to March 2021, when Capital One gave notice that it would be closing over 300 Trump-affiliated bank accounts. The Trump Organisation and Eric Trump later filed a lawsuit in Florida federal court, alleging that the accounts were closed due to 'woke' beliefs and a desire to benefit from the political mood following the January 6, 2021 riot at the US Capitol.

Capital One's filing argues that these allegations are 'misguided' and based on cherry-picked quotations. The bank claims it had been working with its anti-money laundering team for months before making the decision to close the accounts.

The Trump Organisation has accused Capital One of discriminating against their business, echoing conservative complaints about banks deliberately targeting the political right. In response, President Trump signed an executive order in August 2025 barring discriminatory debanking and filed a suit against JPMorgan Chase on the same grounds.