Capital One disclosed that it closed the Trump Organization’s bank accounts following a thorough investigation by its anti-money laundering (AML) team. This marks the first time a bank has publicly linked concerns about money laundering to the financial activities of former President Donald Trump’s family business. The bank emphasized that the decision, announced in March 2021, was based on months of analysis aligned with regulatory requirements and internal policies, rather than political or religious motivations.

The Trump Organization, along with Eric Trump, filed a lawsuit in March 2025 alleging that Capital One closed over 300 accounts to politically penalize them following the January 6, 2021 Capitol riot. The plaintiffs accused the bank of “woke” bias and discriminatory debanking. However, federal courts have dismissed two versions of their complaints but allowed chances for amendments. Capital One has robustly contested the allegations, calling them “misguided” and insisting that the closures followed legitimate AML protocols.

Capital One’s legal filing argues that the patterns of activity flagged were typical indicators that warranted review under federal banking guidelines. The bank rejects claims that political bias influenced its account management decisions. The case unfolds amid heightened scrutiny of large financial institutions during Trump’s second term, as the administration has been vocal about supposed targeting of conservative clients, leading to executive actions aimed at preventing discriminatory practices in banking.

This dispute comes against a backdrop where Trump and his organization have a history of litigation involving banks. In January, Trump initiated a similar lawsuit against JPMorgan Chase, accusing them of political discrimination after they closed his accounts. Previously, legal challenges were also directed at Capital One and Deutsche Bank related to congressional probes into Trump's finances. Capital One maintains it never accused the Trump Organization of illegal money laundering but followed anti-money laundering regulatory standards in deciding to close the accounts.