The Trump administration is weighing a new requirement for US banks to verify citizenship information of current and future customers as part of the president’s aggressive immigration crackdown, sources told CNN.
The potential action, which one source said could take the form of an executive order, has raised concern in the industry that banks could be compelled to ask customers for an unprecedented category of documents, including passports and other documents that verify citizenship status. The source cautioned that plans haven’t been finalized and that there are still considerations underway over other options and legal authorities.
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It’s not clear whether President Donald Trump will eventually sign an executive order, the possibility of which was first reported by The Wall Street Journal.
The White House neither confirmed nor denied the potential executive order or other action.
“Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation,” White House spokesperson Kush Desai said in a statement.
While banks are required to adhere to anti-money-laundering and know-your-customer rules and list where a customer lives, they don’t collect or verify citizenship information.
If Trump signed such an executive order, it could require banks to retroactively get citizenship information from existing customers and collect it from new customers, the industry source said.
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