The White House is considering requiring banks to verify the citizenship of their customers

"In a decision that would block thousands of undocumented migrants from accessing the banking system, the Donald Trump administration is considering a new measure that could force banks in the United States to collect information on the citizenship of their current and future customers. The proposal, which according to national media outlets such as The Wall Street Journal could take the form of an executive order or other action driven primarily by the Treasury Department, would require financial institutions to request additional documentation such as passports or other documents proving citizenship from those who wish to open or maintain a bank account."

"Currently, there is no rule prohibiting non-citizens from opening accounts in the United States, nor do existing rules require verification of immigration status as part of routine checks. Under know your customer provisions, banks must collect basic information to prevent money laundering and other illegal activities, including name, date of birth, and address, generally verified by a driver's license or other form of identification."

"According to people familiar with internal deliberations, the measure could apply not only to new customers but also to existing account holders, which would involve a retroactive review of millions of banking relationships."

The Trump administration is exploring a measure that would require U.S. financial institutions to collect citizenship documentation from customers seeking to open or maintain bank accounts. This proposal, potentially issued as an executive order by the Treasury Department, would expand beyond existing know-your-customer provisions that currently only require basic identification verification. The measure could apply retroactively to existing account holders, affecting millions of banking relationships. Banks would need to request documents such as passports proving citizenship status. Currently, no federal rules prohibit non-citizens from opening accounts or require immigration status verification. The initiative aims to restrict undocumented migrants' access to the financial system as part of the administration's immigration enforcement strategy.

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