Trump Treasury Pushes Banks to Collect Citizenship Data From All Customers
The Trump administration is preparing a policy that could require banks to collect citizenship data from customers, raising new questions about privacy and access to financial services.
Treasury Secretary Scott Bessent confirmed the executive order is “in process,” signaling a potential shift in how millions of Americans interact with banks.
According to Fox News and Semafor reporting, the proposal would apply to both new and existing accounts and could require documents like passports or birth certificates to verify status.
That would go beyond current “know your customer” rules, which require identity verification but not proof of citizenship.
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Uncertainty remains over enforcement, including whether banks would be required to close accounts for customers who cannot provide documentation.
“I don’t think it’s unreasonable… why don’t we know who’s in our banking system,” Bessent said at a Washington event.
Banking and legal experts warn the policy could push some customers out of traditional banking, potentially increasing reliance on cash systems and less regulated financial services.
The proposal is also part of a broader immigration enforcement strategy, according to reporting, but it has not yet been formally announced by the White House.
Next steps depend on whether the executive order is finalized and how regulators direct banks to implement the requirements.
The policy remains under development, with key details still unresolved.
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