Donald Trump is reportedly considering an executive order that would require banks to verify the citizenship status of their customers, according to The Wall Street Journal. The proposed measure would compel financial institutions to collect documentation proving whether account holders are US citizens, a significant expansion of current banking regulations.
At present, banks in the United States are not required to gather information on citizenship or share such data with the government. Non-citizens can open accounts with standard identification like passports and social security numbers, which are used primarily to prevent financial crime. The new order would add a layer of immigration enforcement to the banking system.
The White House has not confirmed the reports. A spokesperson described the speculation as baseless, stating that any official policymaking would be announced through proper channels. The Independent has also sought comment from the administration.
If enacted, the order would represent a fresh approach to the Trump administration's crackdown on illegal immigration. It could also involve the Treasury Department's Financial Crimes Enforcement Network (FinCEN) in collecting citizenship data. FinCEN currently oversees anti-money-laundering and counterterrorism financing laws, requiring banks to report large or suspicious transactions.
The administration recently used these laws to target a welfare fraud scheme in Minnesota involving individuals of Somali descent, which led to the deployment of National Guard soldiers and the deaths of two protesters in January. Following that incident, FinCEN lowered the reporting threshold for overseas transactions in two Minnesota counties from $10,000 to $3,000, a move some banks consider too low.
