Lead image for Trump organisation's accounts closed after anti-money laundering probe, bank says.
Capital One Financial (COF.N) hit back on Friday against a lawsuit over its decision to close the Trump Organisation's bank accounts years ago, stating that it did so after a review by anti-money laundering experts.
The disclosure marks the first time a bank has formally tied money laundering concerns to US President Donald Trump's family business. Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking — or denying services on religious or political grounds — the Trump Organization.
The Trump Organisation and Capital One did not immediately respond to requests for comment.
Capital One has never accused the Trump Organisation of illegal money laundering. But Friday's filing argues that "documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (“AML”) reasons. The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance."
Capital One gave notice of its plans to close more than 300 Trump-affiliated bank accounts in March 2021. The Trump Organization and Eric Trump, the president’s son, filed a lawsuit in March 2025 in a Florida federal court, alleging the accounts were closed because of Capital One’s “woke” beliefs and its desire to benefit from the political mood after the January 6, 2021 riot at the US Capitol.
'Misguided' allegations: Capital One
The federal court in Miami has tossed two complaints in the Capital One case, but gave the plaintiffs opportunities each time to submit an amended complaint. Capital One said that the latest version, filed in July, “suffers from the same fundamental flaws as their prior two pleadings.”
Capital One said in Friday’s filing that the Trump Organization’s allegations of political pretext were “misguided” and “based on cherry-picked quotations unsupported by the full context” of documents submitted to the court.