The Trump administration is considering using executive orders or actions by the Treasury Department to require banks to collect and record "citizenship" information from customers as a new tool to combat illegal immigration. According to insiders, the Treasury Department is leading the discussion, and the plan may require banks to ask new and existing customers for additional documents such as passports. In recent days, the banking industry has lobbied the Treasury Department regarding the compliance burden and privacy risks. The White House called the report "baseless speculation," and no order has been approved yet. The idea would expand existing "Know Your Customer" (KYC) anti-money laundering rules: although banks collect information such as identification documents and Social Security numbers, they typically do not specifically verify or report on "citizenship," and there is no rule prohibiting non-citizens from opening bank accounts. According to the report, Senator Tom Cotton has expressed support and plans to push legislation to limit illegal immigrants from obtaining bank accounts.
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Original article: toutiao.com/article/1858077829469195/
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