Opinion | Capital One says money laundering concerns led to closure of Trump Org accounts, not politics
Aug. 3, 2026, 5:20 PM EDTIn their efforts to exert influence over the U. S. banking system, PresidentDonald Trumpand his two oldest sons have baselessly accused various banks of shutting down their accounts. . .
Aug. 3, 2026, 5:20 PM EDTIn their efforts to exert influence over the U. S. banking system, PresidentDonald Trumpand his two oldest sons have baselessly accused various banks of shutting down their accounts for political reasons after Jan. 6. Trump haspromoted this unfounded allegationwhile casting himself as a victim, a claim MS NOW’s Stephanie Ruhle helped debunk earlier this yearwhen she laid wasteto Trump’s lawsuit against JPMorgan. And some Republican state attorneys general —such as Florida’s James Uthmeier, for example— have pursued separate investigations into similarly baseless allegations. But Capital One essentially threw down the gauntlet on Friday in a legal filing alleging that theactualreason for the closed accounts was a concern about potential money laundering. As Reuters reported:Capital One Financial hit back on Friday against a lawsuit over its decision to close the Trump Organization’s bank accounts years ago, stating that it did so after a review by anti-money laundering experts. The disclosure marks the first time a bank has formally tied money laundering concerns to U. S. President Donald Trump’s family business. Capital One is seeking to dismiss the case by casting doubt on claims of illegally debanking — or denying services on religious or political grounds — the Trump Organization. Reuters said the Trump Organization and Capital One didn’t immediately respond to its requests for comment. The report continued:Capital One has never accused the Trump Organization of illegal money laundering. But Friday’s filing argues that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (“AML”) reasons. The closures were the result of months of analysis and a careful review by Capital One’s AML team in accordance with bank policies and regulatory guidance. ”Capital One gave notice of its plans to close more than 300 Trump-affiliated bank accounts in March 2021. The claim brings to mind Trump’s past ties to Deutsche Bank, an institution with a history ofanti-money laundering failuresand one that — according to reports back in 2019 —maintained relationships with Trump-related entities after staffers flagged suspicious activity. (Such flags do not constitute proof of a crime. )Trump and his family organization, of course, have a history of financial impropriety that could make a bank wary. Two years ago, Trump himself was convicted on felony counts offalsifying business records. (The case remains under appeal. )Trump, his two oldest sons and Trump Organization entities also were found liable forcommitting civil fraudin New York, a ruling that they are trying to get overturned. And back in 2018, a judgefinalized a $25 million settlementTrump reached after former students said they had been misled or defrauded by his now-defunct Trump University. This followed his2016 pronouncementthat “I don’t settle cases very easily when I’m right. ”All this is to say: Trump isn’t someone who should be seen as a trustworthy financial partner. So his claims about political debanking ought to be taken with a grain of salt — especially in light of Capital One’s new filing. Ja’han Jones is an MS NOW opinion blogger. He previously wrote The ReidOut Blog.