Capital One says it closed more than 300 bank accounts linked to the Trump Organization in 2021 after conducting a money-laundering review. The bank disclosed that reasoning on Friday while defending itself against a lawsuit over the account closures.
The development is significant because it marks the first time a bank has formally connected the shutdown of Trump-affiliated accounts to money-laundering concerns. Until now, public explanations around the closures had not been described in those terms.
According to the report, Capital One is using that review to justify its decision in court. The dispute centers on whether the bank acted properly when it ended its relationship with Trump Organization-related accounts.
The case adds another layer of scrutiny to the business operations tied to former President Donald Trump and highlights how anti-money-laundering compliance reviews can lead banks to cut off customers. It also underscores the legal and reputational stakes when major financial institutions explain why they close high-profile accounts.
