Capital One closed hundreds of bank accounts linked to former President Donald Trump and his businesses in 2021 after a months-long review by its anti-money laundering (AML) team, according to a recent court filing. The financial institution said the decision followed careful analysis in line with bank policies and regulatory guidance.
The disclosure came as Capital One filed a motion to dismiss a lawsuit filed by Trump’s trust, his companies, and his son Eric Trump. The lawsuit alleges that the bank terminated about 385 accounts for political reasons after the January 6, 2021, attack on the U.S. Capitol. Trump’s side claims the closures were politically motivated and unlawful, aiming to silence him and his affiliates.
Capital One denied those claims, emphasizing the closures were not politically driven. Lawyers for the bank stated, “Capital One never publicized the termination decision nor its confidential internal process giving rise to the closure, and it permitted Plaintiffs several months (and granted several extensions) to find new banking services, which they did.”
A spokesperson for the Trump Organization responded to the filing by accusing Capital One of manufacturing a false justification. They said, “Following the events of January 6, 2021, Capital One manufactured a post hoc rationale by selectively resurrecting a handful of isolated transactions that had occurred years earlier and had never once been identified as cause for concern.”
Capital One’s anti-money laundering review came amid broader regulatory scrutiny. Months before closing the accounts, the bank agreed to pay a $390 million penalty to the Financial Crimes Enforcement Network for shortcomings in its AML program. The bank argues this background supports its decision.
The legal dispute remains active. U.S. District Judge Roy Altman, appointed by Trump, dismissed the initial lawsuit earlier this year for failure to state a legal claim but allowed the filing of an amended complaint last month.
This case follows other investigations into Trump’s financial dealings. New York prosecutors have examined allegations of inflated assets to secure loans and falsified business records related to hush money payments. Trump was convicted in 2024 in two separate cases connected to these matters but has appealed both decisions.
Capital One’s court filing marks the first time the bank openly linked the account closures to an anti-money laundering review, countering accusations that politics drove the decision. The bank insists its actions aligned strictly with legal and regulatory standards.
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