US weighs executive order requiring banks to collect citizenship data, Treasury Secretary Scott Bessent says
Mint·2h ago·Neutral
What Happened
US Treasury Secretary Scott Bessent said a proposed executive order requiring banks to collect citizenship information from customers is currently being developed. The measure would mandate banks to obtain proof of citizenship, such as passports, during account opening. Currently, US law does not require citizenship documents. Banks operate under Know Your Customer regulations and collect Social Security numbers or ITINs instead. The scope regarding non-citizens legally working in America remains unclear.
Key Entities
Scott BessentUS TreasuryExecutive OrderBanksCitizenship VerificationKnow Your CustomerBank Secrecy Act