Trump Bank Accounts Closed Over Money-Laundering Concerns

Capital One Financial says it didn’t shut down the Trump Organization’s bank accounts because of politics. According to the bank, it did so because its anti-money-laundering team identified activity that warranted concern.

That’s the central argument in a new court filing responding to a lawsuit brought by the Trump Organization and Eric Trump, who claim the bank illegally closed hundreds of business accounts after the Jan. 6, 2021, attack on the U.S. Capitol. 

According to The Guardian, Capital One is asking a judge to dismiss the lawsuit, arguing that the account closures followed months of internal review and were based on standard anti-money-laundering (AML) procedures—not “woke” politics, which the Trump Organization claims.

While the bank stopped short of accusing the Trump Organization of money laundering, its filing says the evidence makes clear that the accounts were closed “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,” the filing states.

In March 2021, Capital One informed the Trump Organization that it would close roughly 300 accounts connected to the business. Four years later, the Trump Organization and Eric Trump sued, alleging the decision was politically motivated and that Capital One sought to distance itself from the Trump family following the Capitol riot.

The bank called those claims “misguided,” arguing they rely on “cherry-picked quotations unsupported by the full context” of documents submitted to the court. It also noted that the transaction patterns flagged by its compliance team are among the types federal regulators instruct banks to scrutinize for potential money-laundering risks.

The dispute comes as President Donald Trump has made alleged “debanking” of conservatives a major political issue during his second term. His administration has increased pressure on major financial institutions, and in August 2025 he signed an executive order prohibiting discriminatory debanking practices.

Trump has also sued JPMorgan Chase over similar allegations. During his first term, he unsuccessfully fought subpoenas seeking financial records from Capital One and Deutsche Bank as part of a congressional investigation. Around that same period, reports claimed Deutsche Bank’s anti-money-laundering specialists raised concerns about transactions tied to Trump accounts, though the bank denied those reports.

See social media’s reaction to Trump’s alleged money problems below.