Capital One has said it closed hundreds of bank accounts linked to President Donald Trump and his businesses in 2021 for “anti-money laundering reasons”, according to a court filing. The disclosure was made for the first time in a bid to have Trump’s lawsuit against the bank dismissed. The case, brought by a Trump trust, Trump companies and his son Eric Trump, alleges that Capital One ended account relationships for political reasons following backlash after the 6 January 2021 attack on the US Capitol. Court Filing DetailsIn a motion filed on 31 July, Capital One said the closures followed a review by its anti-money laundering (AML) team over several months, rather than any political motivation. The filing said the bank “never publicized” the termination decision or its internal AML process that led to the closures. It added that the plaintiffs were given time to seek alternative banking services, with extensions granted during the process. Capital One said it did not accuse the Trump Organisation of money laundering, and that decisions were made under the bank’s policies and in line with regulatory guidance. Trump Organisation Denies MotivesIn a statement to ABC News, a Trump Organisation spokesperson alleged that Capital One was attempting to “manufacture a justification” for debanking Trump-related accounts. The spokesperson said the bank was trying to build a rationale after the fact, referring to what they described as transactions from years earlier that had not previously been flagged as a concern. They linked the dispute to events following 6 January. The lawsuit alleges Capital One cancelled roughly 385 bank accounts associated with Trump because of political and social pressures, and that the bank’s actions reflected “woke” beliefs held by Capital One and an effort to distance itself from Trump and his conservative political views. Earlier AML Penalty and Legal StatusCapital One argued that the basis for closing the accounts became public only because the plaintiffs pursued litigation. The bank’s filing also pointed to a separate development from the months before the 2021 account closures: Capital One agreed in that period to pay a $390,000,000 penalty to the Financial Crimes Enforcement Network (FinCEN) after failing to implement and maintain an effective AML programme. In the lawsuit, US District Judge Roy Altman, a judge appointed by Trump, dismissed the complaint earlier this year on the basis that the legal claims were not stated adequately. The judge allowed the plaintiffs to file an amended complaint last month. Capital One’s case has played out alongside other court disputes involving allegations of account closures. Trump has also sued JPMorgan Chase, accusing it of debanking. JPMorgan has said the lawsuit has “no merit” and that it closes accounts because they create “legal or regulatory risk”. Separate from the banking disputes, prosecutors examined Trump’s financial records after he left the presidency, in a civil case focused on alleged asset inflation to secure better loan terms and a criminal case alleging he falsified business records to conceal hush money payments to Stormy Daniels. Those matters did not involve allegations of money laundering. Trump was convicted in 2024 on charges relating to falsifying business records and was found liable in relation to inflating his business assets. He has appealed both cases, and a mid-level court has set aside the civil penalty issued last year. Join the discussion? 4 August 2026
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