US EditionPublished • loading... • Updated
Trump Administration Considers Requiring Banks to Collect Citizenship Information: WSJ
The executive order would extend citizenship verification to all bank customers, expanding current identity rules and aligning with broader immigration enforcement efforts.
- The Trump administration is considering requiring U.S. banks to collect customers' citizenship information, with The Wall Street Journal and Semafor reporting officials are discussing an executive order not yet finalized.
- Part of President Trump's broader push, the proposal would change Know Your Customer regulations by requiring banks to verify citizenship, unlike current rules that allow noncitizen account holders.
- Under the proposal, banks would be required to collect passports as proof of citizenship from new applicants and current account holders, excluding REAL IDs and expanding current rules.
- Industry officials warned that bank trade groups said the change would be costly and complicated, one financial services lobbyist called it a `complete nightmare` with GOP voter pushback, while the Treasury Department declined to comment and Kush Desai called reports `baseless speculation`.
- Implemented as a presidential executive order, the change could expand banking compliance obligations and immigration enforcement by requiring existing account holders to produce citizenship documents, echoing firms’ concerns last year when congressional Republicans floated taxing remittances.
Insights by Ground AI
8 Articles
8 Articles
Trump administration considers action requiring banks to collect citizenship info, WSJ reports
The Trump administration is weighing a possible executive order or other action that would require banks to collect citizenship information from customers, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
·United Kingdom
Read Full Article
Potential executive order would enlist banks in the White House’s illegal immigration crackdown
·New York, United States
Read Full ArticleCoverage Details
Total News Sources8
Leaning Left1Leaning Right1Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
13%
C 75%
12%
Factuality
To view factuality data please Upgrade to Premium
