USA - Ekhbary News Agency
The Trump administration is actively exploring an Executive Order that would mandate banks to collect citizenship information from their customers. Treasury Secretary Scott Bessent confirmed the order is "in process," arguing such a requirement is not "unreasonable" for understanding who utilizes the banking system and safeguarding against threats like foreign terrorist organizations. Bessent cited practices in the UK, where residency information is routinely collected, as a precedent for increased financial transparency.
While specific details regarding the required citizenship information remain unconfirmed, the White House indicated it "continues to explore ways to protect our banking system from unacceptable credit risks and to ensure that banking services remain available and affordable for all Americans." This potentially widespread requirement could pose significant hurdles for the U.S. banking sector, non-citizens, and millions of American citizens lacking readily available proof of citizenship. Experts anticipate legal challenges should such an order be implemented. Senator Tom Cotton has previously advocated for similar measures, introducing legislation to verify customers' citizenship or legal immigration status.
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