Democratic US senator asks Capital One for details on Trump account anti-money laundering review

• Capital One claims the 2021 account closures resulted from an AML review following bank policies and regulatory guidance, while the Trump Organization and Eric Trump sued in March 2025 alleging political motivation
• The request could reveal details about Trump's business financial dealings and test his 'debanking' allegations that banks discriminate against conservatives on political grounds
• Hassan asked Capital One to identify triggering activity, explain applied policies, describe findings leading to closures, and disclose any referrals to federal or state authorities

Democratic Senator Requests Capital One AML Review Details on Trump Accounts

Senator Maggie Hassan (D-NH), top Democrat on the Joint Economic Committee, has formally requested Capital One Financial provide detailed documentation regarding its closure of accounts linked to President Donald Trump and his businesses. In a letter sent Tuesday evening to CEO Richard Fairbank, Hassan seeks information on transactions, alerts, and factors that prompted the bank's anti-money laundering (AML) review, plus any communications with law enforcement or regulators.

Background and Legal Context

The Trump Organization and Eric Trump sued Capital One in March 2025, alleging the 2021 closure of hundreds of affiliated accounts was politically motivated. Capital One denies political motivation, stating in a July court filing that closures resulted from a "careful review by Capital One's AML team in accordance with bank policies and regulatory guidance." The bank has never accused the Trump Organization of money laundering. Plaintiffs claim the AML review was pretextual.

Market and Political Implications

The request could illuminate both the president's business financial dealings and substantiate or refute "debanking" allegations—claims that financial institutions deny services based on political or religious grounds. This issue has gained prominence during Trump's second term, with the president alleging "woke" banks discriminate against conservative clients. In August 2025, Trump signed an executive order against discriminatory debanking and sued another bank in January on similar grounds. The Office of the Comptroller of the Currency is investigating debanking practices across multiple institutions.

Capital One declined comment, and White House and Trump Organization spokespeople did not immediately respond. Hassan emphasized the need for transparency and congressional oversight.