Capital One has told a federal court that politics played no role in its decision to close more than 300 bank accounts linked to the Trump Organisation, arguing that the closures followed an extensive internal anti-money laundering (AML) review rather than any political considerations. The filing forms part of the bank's defence against a lawsuit brought by the Trump Organisation and Eric Trump, who allege the accounts were terminated because of Donald Trump's political views following the 6 January 2021 attack on the US Capitol.
The court filing marks the clearest public explanation yet from Capital One about why it ended its banking relationship with the Trump Organisation. While the bank emphasises that it is not accusing the company of money laundering or any criminal conduct, it argues that its compliance team identified transaction patterns warranting action under its internal risk management procedures and federal banking guidance.
