SAN FRANCISCO, (Reuters): Capital One has told a U.S. federal court that it closed more than 300 bank accounts linked to the Trump Organization following an internal anti-money laundering (AML) review, rejecting allegations that the decision was politically motivated.
In a court filing on Friday, the bank said the closures resulted from months of analysis conducted by its anti-money laundering team in accordance with internal policies and regulatory guidance.
The filing marks the first time a financial institution has publicly linked the closure of the Trump Organization’s accounts to money laundering compliance concerns. However, Capital One stressed that it has not accused the Trump Organization of engaging in illegal money laundering.
The bank said the account closures, announced in March 2021, followed a careful review of transaction patterns identified during its AML assessment.
How Does the Lawsuit Challenge the Bank’s Decision?
The Trump Organization and Eric Trump filed a lawsuit against Capital One in March 2025, alleging the bank closed the accounts because of political bias and the atmosphere following the January 6, 2021, U.S. Capitol riot.
Capital One has asked the court to dismiss the lawsuit, arguing that the plaintiffs’ latest amended complaint repeats deficiencies identified by the court after two earlier complaints were dismissed.
The bank described the allegations of political discrimination as “misguided”, saying they relied on selective quotations taken out of context. It added that the transaction patterns identified during the review matched activity highlighted in federal banking guidance for anti-money laundering compliance.
The case comes as the Trump administration has increased scrutiny of what conservatives describe as politically motivated “debanking” by major financial institutions.
President Donald Trump signed an executive order in August 2025 prohibiting discriminatory debanking practices. Earlier this year, he also filed a separate lawsuit against JPMorgan Chase over similar allegations.
Capital One and the Trump Organization did not immediately comment on Friday’s court filing.