Overview
- CNN reporting says officials are evaluating an executive order that could require banks to collect passports or other proof of citizenship from customers.
- The potential mandate would extend to both new applicants and existing account holders, forcing retroactive data collection at scale.
- Banking executives express alarm over feasibility and cost, with some warning the move could draw institutions into deportation efforts.
- Under current anti-money-laundering and know-your-customer rules, banks verify identity and address but are not required to confirm citizenship.
- No directive has been signed, and a prior administration effort to share IRS taxpayer data with immigration authorities was blocked by a federal judge last year.