Capital One Financial (NYSE:COF) said it closed more than 300 Trump Organization-affiliated accounts after a months-long review by its anti-money laundering team, according to a court filing reported by Reuters.
The filing represents the first time a bank has formally linked anti-money laundering concerns to its decision to end services for President Donald Trump's family business.
Capital One did not accuse the Trump Organization of illegal money laundering. The bank said the closures followed internal policies and regulatory guidance after specialists examined activity associated with the accounts.
According to the filing, transaction patterns identified during the review were among the types of activity flagged by federal banking guidance.
The lender notified the Trump Organization in March 2021 that it planned to close the accounts.
The Trump Organization and Eric Trump filed a lawsuit in a Florida federal court in March 2025. They alleged that Capital One terminated the relationship for political reasons following the January 6, 2021 riot at the U.S. Capitol.
A federal court in Miami has dismissed two earlier versions of the complaint but allowed the plaintiffs to submit amended filings.
Capital One asked the court to dismiss the latest complaint, filed in July, saying it contained the same fundamental flaws as the earlier versions. It described allegations of political motivation as misguided and based on selective quotations taken out of context.
The dispute comes amid growing political scrutiny of bank account closures. Trump signed an executive order in August 2025 prohibiting financial institutions from denying services to customers on political or religious grounds.
In January, the president filed a separate lawsuit against JPMorgan Chase & Co (NYSE:JPM), also alleging discriminatory debanking.
Trump previously sued Capital One and Deutsche Bank AG NA O.N. (NYSE:DB) in 2019 in an attempt to prevent them from providing financial records to Congress during an investigation led by Democratic lawmakers.
The Trump Organization and Capital One did not immediately respond to requests for comment.
https://uk.finance.yahoo.com/news/capital-one-says-trump-organization-011610638.html
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