Capital One cites money laundering probe to justify closure of Trump Organization bank accounts
Summary
Capital One Financial closed over 300 bank accounts linked to the Trump Organization in 2021 due to concerns related to money laundering. Capital One denies that the closures were politically motivated and is seeking to dismiss a lawsuit filed by the Trump Organization that claims the bank acted for political reasons.Key Facts
- Capital One closed more than 300 bank accounts tied to the Trump Organization in 2021.
- The bank said the decision followed an anti-money laundering review done by its specialized team.
- This is the first time a bank has officially linked money laundering concerns to President Donald Trump’s family business.
- The Trump Organization sued Capital One in 2025, claiming the account closures were political and based on so-called “woke” beliefs.
- Capital One denies political reasons and says the closures followed bank policies and federal banking rules.
- A federal court in Miami dismissed two Trump Organization complaints but allowed them to file amended complaints.
- President Trump signed an executive order in 2025 banning political discrimination in banking services.
- Trump also sued JPMorgan Chase, accusing the bank of politically motivated account closures.
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