Capital One had 300 Trump accounts — then its money-laundering team stepped in

In 2021, Capital One closed over 300 bank accounts belonging to President Donald Trump due to financial activity patterns indicative of money laundering, as disclosed in a court filing. This decision came after months of rigorous analysis and review by Capital One's Anti-Money Laundering (AML) team, adhering to bank policies and regulatory guidance.

President Trump alleged that these closures occurred due to political reasons following the Jan. 6 attacks on the U.S. Capitol. However, Capital One maintains that the closures were not politically motivated but were instead based on anti-money laundering policies. The bank further stated that they never publicized the termination decision or the internal process that led to the closures, granting Trump and his businesses several months to find alternative banking services, which they did.

Capital One and other major banks have faced allegations of debanking Trump, his family, and related businesses for political reasons, a claim the banks deny. Trump has sued both Capital One and JPMorgan Chase, the latter seeking $5 billion in damages, alleging that these banks debanked him for political reasons. The banks have refuted these claims, asserting that they close accounts for various reasons, including legal or regulatory risks.

Trump's legal team dismissed these refutations, maintaining that the closures were indeed politically motivated. The allegations of debanking have been prevalent in recent administrations, with Trump's administration even directing federal bank regulators to investigate and potentially terminate examinations of banks for their business relationships.