Capital One closes Trump Organization's accounts over money laundering concerns

In March 2021, Capital One Financial announced its decision to close over 300 bank accounts affiliated with the Trump Organization, citing a review conducted by anti-money laundering experts. This action marked the first instance where a bank publicly linked money laundering concerns to the Trump family business. The closure of these accounts came after months of analysis by Capital One's anti-money laundering team, which followed bank policies and regulatory guidance. The Trump Organization, led by Eric Trump, filed a lawsuit in March 2025, claiming that the closures were politically motivated and a result of Capital One's 'woke' beliefs following the January 6, 2021, Capitol riot. Capital One has denied these allegations, stating that the decision was based on transaction patterns that raised red flags according to federal banking guidelines. The federal court in Miami has dismissed two complaints from the Trump Organization but allowed for amended complaints to be submitted. Capital One's recent filing argues that the allegations of political bias are misguided and based on selective quotations that lack full context. The ongoing legal battle highlights the tensions between financial institutions and political entities, particularly as the Trump administration has accused banks of targeting conservative clients. This situation is further complicated by Trump's executive order in August 2025, which prohibits discriminatory debanking practices. The case reflects broader concerns about the intersection of finance and politics in the current climate, as banks navigate pressures from both sides of the political spectrum.