A potential executive order would reportedly aim to curb undocumented migration in the US
The White House is weighing an executive order that would force banks to collect citizenship information from customers, the Financial Times has reported.
The new order would represent a significant new push in US President Donald Trump’s drive to curb undocumented migration, the outlet wrote on Tuesday, citing sources. The order could be applied to new customers as well as existing account holders, it said, adding that the banks are alarmed by the discussions.
Under the Bank Secrecy Act, American lenders must obtain customers’ names, dates of birth and addresses in order to detect financial crimes, but no federal law mandates the collection or verification of citizenship status for the opening of accounts. Some request this information voluntarily for risk management.
Documents that establish US citizenship include passports, birth certificates, certificates of naturalization, as well as certain military records. An estimated 52% of Americans did not hold a valid US passport as of 2024, according to Department of State data, as most use a state driver’s license as a standard form of ID.
It remains unclear what repercussions would apply to those unable to prove citizenship under the potential order. Reports from previous years indicate that foreign citizens, including individuals from Iran, have had their bank accounts frozen over citizenship questions.
”Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation,” White House spokesman Kush Desai said in a statement on Tuesday.
Since returning to office last year, Trump has launched a sweeping immigration crackdown, which has led to mass deportations. In Tuesday’s State of the Union address, the president said illegal crossings have declined to negligible levels.
The proposed Safeguard American Voter Eligibility Act, recently passed by the US House, would also require documentary proof of citizenship for federal voter registration. While critics claim it would disenfranchise millions of voters, Trump has argued it will help stop “rampant cheating” in elections.