The Trump administration is reviewing measures that would require banks to collect citizenship information from customers. The move is part of a broader crackdown on undocumented immigrants, with analysts suggesting it aims to rally core supporters ahead of the November midterm elections.
According to The Wall Street Journal on the 24th (local time), the Trump administration is considering an executive order or other measures requiring banks to collect citizenship information from customers. If implemented, banks would be able to request citizenship-related documents from both new account holders and existing customers.
Currently, banks are required to collect specific information such as passports and Social Security numbers under Know Your Customer (KYC) procedures designed to prevent money laundering and criminal activity. However, verifying citizenship status is not mandatory, and banks cannot share such information externally. There is also no U.S. law prohibiting non-citizens from opening bank accounts.
Republican Senator Tom Cotton announced on social media that he plans to introduce legislation blocking undocumented immigrants from opening bank accounts. He told Treasury Secretary Scott Bessent that "the U.S. banking system is a privilege that should only be extended to those who respect our laws and sovereignty," adding that President Trump strongly supports the measure.
Analysts interpret Trump's intensified immigration crackdown as an attempt to regain political momentum. Having campaigned on aggressive illegal immigration enforcement during the presidential election, Trump has recently seen his momentum weaken following a Supreme Court ruling invalidating tariffs. On the 22nd, Trump designated "Angel Families Day" to honor families who lost loved ones to crimes committed by undocumented immigrants.