Trump administration considers requiring banks to collect citizenship information

Source: msn/WSJ

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The Trump administration is weighing a possible executive order or other action that would require banks to collect citizenship information from customers, a new front in the administration’s crackdown on immigrants living in the U.S. illegally, according to people familiar with the matter.

The action could ultimately task banks with requesting an unprecedented new category of documents, such as a passport, from both new and existing customers who want to maintain a bank account in the U.S., the people said. Discussions about the potential executive order have alarmed banks in recent days, some of the people said.

Banks in the U.S. are required to collect certain information under “know your customers” rules to guard against money laundering and crime. That often includes collecting passports and Social Security numbers. But those rules don’t include gathering citizenship status specifically and banks don’t routinely share that information with the government. There is no prohibition on banks opening accounts for noncitizens in the U.S.

The Trump administration has pushed to reduce the number of immigrants in the country illegally and has increased enforcement. One White House official said the potential executive order was being discussed inside the Treasury Department and hasn’t been approved. The administration generally maintains that no ideas are settled until announced by the president.

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