France 24 is reporting that Capital One Financial on Friday defended its 2021 decision to close more than 300 Trump-affiliated bank accounts, stating the action followed a money-laundering review. The disclosure marks the first time a bank has formally tied money-laundering concerns to U.S. President Donald Trump's family business.
Capital One is seeking to dismiss a lawsuit filed by the Trump Organization and Eric Trump in March 2025, which alleges the accounts were closed due to the bank's "woke" beliefs and political motivations after the Jan. 6, 2021, riot at the U.S. Capitol. Capital One has not accused the Trump Organization of illegal money laundering but argues that documents and the plaintiffs' own allegations show the closures were for anti-money laundering (AML) reasons. It said the decision resulted from months of analysis and careful review by its AML team, aligning with bank policies and regulatory guidance.
The bank stated that the Trump Organization's allegations of political pretext are "misguided" and based on "cherry-picked quotations." It added that the transaction patterns identified are among the types of activity flagged by federal banking guidance. Since the start of President Trump's second term, his administration has pressured large banks, echoing conservative complaints about institutions targeting the political right. President Trump signed an executive order in August 2025 barring discriminatory debanking and filed a similar lawsuit against JPMorgan Chase in January.