Capital One cites anti-money laundering concerns in Trump Organization case

Capital One says Trump Organization relationship closures successful 2021 followed reappraisal by anti-money laundering team.

Capital One Financial has deed backmost against a US suit implicit its determination to adjacent much than 300 of the Trump Organization‘s slope accounts successful 2021, stating that it did truthful aft a reappraisal by its anti-money-laundering team.

The disclosure filed connected Friday marks the archetypal clip a slope has formally tied money-laundering concerns to United States President Donald Trump‘s household business, according to Reuters. Capital One is seeking to disregard the lawsuit by casting uncertainty connected claims of amerciable debanking — oregon denial of services connected spiritual oregon governmental grounds — against the Trump Organization.

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The Trump Organization and Capital One did not instantly respond to requests for comment.

Capital One has ne'er accused the Trump Organization of amerciable wealth laundering. But Friday’s filing argues that “documents and Plaintiffs’ ain allegations marque wide that Capital One closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons. The closures were the effect of months of investigation and a cautious reappraisal by Capital One’s AML squad successful accordance with slope policies and regulatory guidance.”

Capital One gave announcement successful March 2021 of its plans to adjacent much than 300 Trump-affiliated slope accounts. The Trump Organization and Eric Trump, the president’s son, filed a suit successful March 2025 successful a US national tribunal successful Florida, alleging the accounts were closed owed to governmental reasons and Capital One’s tendency to payment from the governmental temper aft the January 6, 2021, riot by Trump supporters astatine the US Capitol.

The tribunal has tossed retired 2 complaints successful the Capital One case, but gave the plaintiffs opportunities each clip to taxable an amended complaint. Capital One said that the latest version, filed successful July, “suffers from the aforesaid cardinal flaws arsenic their anterior 2 pleadings”.

Capital One said successful Friday’s filing that the lawsuit should beryllium permanently dismissed and that the Trump Organization’s allegations of governmental pretext were “misguided”. The institution went connected to assertion that the Trump Organization’s assertions of “political discrimination” were “based connected cherry-picked quotations unsupported by the afloat context” of documents submitted to the court.

“The transaction patterns identified by Capital One are among the types of enactment flagged by national banking guidance,” the filing said.

The institution besides countered the Trump Organization’s assertions that it should person been allowed to explicate immoderate suspicious activity. “If immoderate enquiry astir the transactions oregon mentation of the relationship termination would uncover accusation taxable to national confidentiality obligations, national instrumentality prohibits specified disclosure,” the filing stated.

Since the commencement of Trump’s 2nd term, his medication has put pressure on immoderate ample banks, echoing blimpish complaints that the institutions are deliberately targeting the governmental right.

Trump signed an enforcement bid successful August 2025 barring discriminatory debanking. And successful January, helium filed a suit against JPMorgan Chase connected the aforesaid grounds, underscoring the fraught argumentation situation that Wall Street is navigating during the president’s 2nd term.

In 2019, during his archetypal term, Trump sued Capital One and Deutsche Bank to forestall them from sharing fiscal records with the US Congress arsenic portion of a probe led by Democratic lawmakers. Anti-money-laundering professionals astatine Deutsche Bank reportedly flagged a acceptable of transactions, but executives ignored them; Deutsche Bank denied the study astatine the time.