Capital One says Trump accounts were closed over anti-money-laundering concerns
Capital One disclosed that it closed President Donald Trump's accounts in 2021 after its anti-money-laundering team flagged activity resembling money laundering, and the bank is seeking dismissal of the related lawsuit.
President Donald Trump's accounts with Capital One were terminated in 2021 after the bank's anti-money-laundering (AML) team identified activity it said 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 alleges the closures were politically motivated following the Jan. 6 Capitol attack. Capital One responded that 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."
Trump has also sued JPMorgan Chase, claiming the bank similarly debanked him after leaving office; that case seeks $5 billion in damages. JPMorgan says it does not close accounts for political reasons, but for "legal or regulatory risk." In July, Trump’s lawyers amended the lawsuit to assert political bias, a claim the bank called "without merit" and said relied on "cherry-picked quotations."
Capital One noted that it never publicized the termination decision, allowed the plaintiffs several months – with extensions – to secure new banking services, and maintains that the action was unrelated to any political statement. The bank is asking the court to dismiss the lawsuit.