Business 3 August 2026 Daily Monitor (Uganda)
Capital One Cites Anti-Money Laundering Concerns in Closing Trump Organization Accounts
Capital One has revealed that anti-money laundering (AML) reviews, not political bias, led to the closure of the Trump Organization's accounts. This marks the first time a bank has formally linked money laundering concerns to the business. Source: https://www.monitor.co.ug/uganda/news/world/trump-organisation-s-accounts-closed-after-anti-money-laundering-probe-bank-says-5545014
Capital One Financial has responded to a lawsuit alleging discriminatory account closures, asserting that the decision to terminate the Trump Organization’s banking services was based on anti-money laundering (AML) expert reviews. This disclosure is significant as it’s the first instance of a financial institution publicly connecting money laundering concerns to former President Donald Trump’s family business.
The bank is seeking to dismiss the lawsuit, which claims the Trump Organization was “debanked” due to political or religious grounds. Capital One, however, maintains that while it never accused the organization of illegal money laundering, the account closures resulted from “months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance.”
The Trump Organization and its co-plaintiff, Eric Trump, sued Capital One in March 2025, alleging the bank acted on “woke” beliefs and sought to capitalize on the political climate following the January 6, 2021 Capitol riot. They claim their accounts were closed due to political pretext.
Capital One, in its court filings, called these allegations “misguided” and based on selective interpretations of documents. The bank stated that the transaction patterns identified are consistent with activities typically flagged by federal banking guidance. The bank has already seen two previous complaints dismissed by a federal court in Miami, with plaintiffs given opportunities to amend their case.
This legal battle unfolds amid a broader tension between the Trump administration and some large banks, with accusations that financial institutions unfairly target conservative entities. President Trump previously signed an executive order aimed at preventing discriminatory debanking and has initiated legal action against JPMorgan Chase on similar grounds.