The Trump administration is reportedly weighing a plan to require banks to collect proof of citizenship from account holders.
Discussions within the administration have centered on requiring banks to obtain documentation, such as passports, from both new and existing customers, according to people familiar with the matter, as reported by Semafor and The Wall Street Journal. The proposal, which has not been formally announced, could be implemented through executive action rather than legislation, the outlets reported, citing unnamed sources.
If adopted, the policy would be retroactive, meaning banks would have to solicit documentation from current account holders as well as future customers, according to the reports. REAL IDs would not qualify as proof of citizenship.
White House spokesman Kush Desai told Semafor that “any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation.” Representatives from the Treasury Department did not comment to either outlet, according to the reports.
Under current “know your customer” rules designed to prevent money laundering and other financial crimes, banks are required to collect certain identifying information, such as Social Security numbers and, in some cases, passports, according to the Federal Financial Institutions Examination Council website.
However, citizenship status is not specifically required, and there is no prohibition on banks opening accounts for noncitizens.
One avenue under discussion would involve the Treasury Department’s Financial Crimes Enforcement Network, which enforces anti-money-laundering laws and collects the information, according to The WSJ.
The administration has previously used FinCEN authorities to require enhanced reporting on certain transactions, including a January order targeting overseas transactions in parts of Minnesota, The Dallas Express reported.
The potential bank requirement comes amid scrutiny of federal agencies over whether they track citizenship data in other contexts.
In a February 21 report, The Dallas Express revealed through a Freedom of Information Act response that the Federal Housing Administration does not collect citizenship or residency status on loan applications and therefore does not maintain data on how many non-permanent residents have received FHA-insured mortgages.
Mortgagee Letter 2025-09, issued in March 2025, states that non-permanent residents are no longer eligible for FHA-insured mortgages and that lenders must determine residency status based on application information and documentation. The agency did not explain how it enforces that policy without collecting citizenship data.
It remains unclear whether the bank proposal will advance and, if so, how it would be structured if formally introduced.
