Capital One says Trump accounts were closed in 2021 over anti-money-laundering concerns

Bank accounts held by President Donald Trump were closed by Capital One in mid-2021 after the bank’s anti-money-laundering (AML) team flagged activity that resembled money-laundering, according to a court filing. The filing is part of a lawsuit filed by one of Trump’s financial holding companies, which claims the closures were politically motivated following the Jan. 6 Capitol attack.

Capital One said the closures resulted from "months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance." The bank is asking the court to dismiss the case, stating the decision was based on compliance concerns, not political considerations.

Trump has also sued JPMorgan Chase, alleging similar debanking after he left office in 2021. JPMorgan denied any political motive, saying it closes accounts "with or without cause" when they pose legal or regulatory risk.

In an amended complaint filed in July, Trump’s lawyers reiterated the claim of political bias, which the bank called "new theories based on cherry-picked quotations." A spokesperson for Trump’s legal team said,

"Capital One, along with other major banks, de-banked President Trump, his family, and his businesses for blatantly political reasons. President Trump’s powerful lawsuit holds Capital One accountable for its disgraceful conduct, and we look forward to seeing this matter through to a just and proper conclusion."

Capital One noted that it never publicized the account closures, gave Trump’s companies several months to secure alternative banking services, and that the decision was unrelated to any political statement. The bank highlighted that Trump had held more than 300 accounts with it for a decade, covering a range of Trump-branded businesses such as a golf course and a winery.