Capital One cites AML review for Trump account closures

Capital One Financial disclosed in a court filing on August 1, 2026, that it closed more than 300 bank accounts linked to the Trump Organization in 2021 following an internal anti-money laundering review. The bank's filing, which seeks to dismiss a lawsuit from the Trump family, marks the first formal public link between money laundering concerns and the former president's business.

The Trump Organization and Eric Trump filed suit in March 2025, alleging the account closures were politically motivated. The lawsuit, filed in a Florida federal court, claims Capital One engaged in "debanking" due to its "woke" beliefs and a desire to benefit from the political climate after the January 6, 2021, Capitol riot. The plaintiffs allege violations of state consumer protection laws and significant financial harm.

Capital One's filing presents a starkly different account. The bank stated the closures resulted from months of analysis by its anti-money laundering team, which identified transaction patterns consistent with activities flagged by federal banking guidance. The bank emphasized this was a regulatory compliance exercise, not a political one, and noted it never accused the Trump...