Capital One Financial disclosed in a federal court filing that it closed more than 300 accounts linked to the Trump Organization in 2021 following an internal anti-money laundering review, marking the first time a bank has formally tied money-laundering concerns to Donald Trump’s family business during ongoing litigation.
Years after issuing notices to shutter accounts connected to President Donald Trump’s real estate company, Capital One has shed new light on its compliance decisions. The bank’s legal defense asks a Miami federal court to throw out a lawsuit brought by the Trump Organization and Eric Trump, countering allegations that the closures stemmed from political animus.
The 2021 Account Closures and Compliance Review
Capital One first issued notices in March 2021 regarding its plan to close more than 300 accounts affiliated with the Trump Organization. For years, the precise rationale behind the mass closure remained outside formal court records. However, a late Friday court filing detailed the internal banking analysis that preceded the decision.
The filing emphasizes that the bank never accused the Trump Organization of illegal financial crimes. Even so, the institution maintains that the transaction patterns observed during the review matched indicators flagged by federal regulatory authorities.
“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 Legal Team, via The Guardian
Litigation, Dismissals, and the Amended Complaints
The current legal battle stems from a lawsuit filed in March 2025 in a Florida federal court. Lawyers for the Trump Organization argued that Capital One cut ties with the company because of so-called woke views and political pressure following the January 6, 2021, riot at the U.S. Capitol.
The litigation has faced procedural hurdles in Miami. The federal court previously dismissed two earlier versions of the complaint while granting the plaintiffs opportunities to amend their filings.
Capital One argued in its Friday filing that the newest complaint suffers from the same fundamental flaws as earlier pleadings, dismissing allegations of political pretext as misguided and reliant on selective quotations.
Wider Regulatory Pressures on Wall Street
The dispute unfolds against a fraught regulatory backdrop during President Trump’s second term. The Trump administration has increased pressure on major financial institutions over conservative concerns that banks are deliberately restricting services for right-leaning clients, a practice commonly referred to as debanking.
In August 2025, Trump signed an executive order barring discriminatory debanking. That administrative action was followed in January by a separate lawsuit filed against JPMorgan Chase over the closure of personal accounts in 2021, mirroring the claims raised against Capital One.
Historical Ties and Congressional Subpoenas
Friction between Donald Trump’s business interests and major lenders is not new. During his first term in 2019, Trump filed a lawsuit against Capital One and Deutsche Bank in an effort to prevent them from sharing financial records with congressional committees investigating his business dealings.
Reporting around those historical investigations noted that anti-money laundering professionals at Deutsche Bank had previously flagged specific transaction patterns tied to Trump-linked entities, though internal executives chose not to pursue formal reviews at the time—a report Deutsche Bank subsequently denied.
What Lies Ahead in Court
As the case proceeds in Florida, the federal judge must decide whether to grant Capital One’s motion to dismiss the latest iteration of the lawsuit.
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