Capital One says it closed Trump Organization’s accounts after anti-money-laundering review | Donald Trump
US politics | The Guardian — 2026-08-01 19:04:00 — www.theguardian.com
Trump Organization Sues Capital One Over Account Closures, Citing “Woke” Motives Despite Bank’s Money-Laundering Review
The Trump Organization, led by Donald Trump and his son Eric Trump, has alleged that Capital One closed more than 300 Trump-affiliated bank accounts in 2021 due to the bank’s “woke” beliefs and a desire to align with the political climate following the January 6, 2021, Capitol riot. The lawsuit, filed in March 2025 in a Florida federal court, claims the closures were politically motivated and part of a broader trend of “illegally debanking” conservative customers.
Capital One Cites Anti-Money Laundering Review
Capital One responded on Friday with a court filing stating that the decision to close the Trump Organization’s accounts was made after months of analysis by its anti-money-laundering (AML) experts, not for political reasons. The bank’s filing marks the first time a financial institution has formally linked money-laundering concerns to Trump’s family business, though it emphasized that it has never accused the Trump Organization of actual money laundering. Instead, Capital One argued that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons,” and that the closures followed “a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.”
Fact-Checking Trump’s Claims of Political Retaliation
The Trump Organization’s lawsuit asserts that Capital One acted out of “woke” motives and sought to benefit from the post-January 6 political mood. However, Capital One’s filing disputes this, calling the allegations “misguided” and “based on cherry-picked quotations unsupported by the full context” of the documents submitted to the court. The bank further noted that the transaction patterns it identified were consistent with activities flagged by federal banking guidance, not with any political agenda.
Trump’s Broader Campaign Against “Debanking”
Since the start of his second term, Trump has pressured large banks, echoing conservative complaints that financial institutions are targeting the political right. In August 2025, he signed an executive order barring discriminatory debanking. Trump also filed a similar suit against JPMorgan Chase in January, highlighting the contentious policy environment between Wall Street and the administration. This follows earlier legal battles during Trump’s first term, when he sued Capital One and Deutsche Bank to prevent them from sharing financial records with Congress.
Conclusion
The dispute between the Trump Organization and Capital One centers on sharply conflicting narratives: Trump and his company allege political discrimination, while the bank insists its actions were driven by regulatory compliance and anti-money-laundering protocols. Capital One’s filing directly challenges the Trump Organization’s claims, underscoring the ongoing tension between Trump’s rhetoric and the documented reasons provided by the bank. As the case proceeds, the court will weigh these competing accounts and determine whether the closures were justified by legitimate financial concerns or constituted unlawful political targeting.
Source: https://www.theguardian.com/us-news/2026/aug/01/capital-one-trump-organization-money-laundering