Know Your American Customer Act

This bill would bar federally insured banks and credit unions from opening or keeping accounts for people who are not lawfully present in the United States. Starting 90 days after it becomes law, people opening new accounts would have to show one of several listed documents, such as a REAL ID-compliant license, a U.S. passport, a birth certificate, or a green card. People with temporary permission to stay would have to certify when that permission ends; if they do not provide updated documents, their account would be restricted to deposits only for 60 days after a 30-day grace period and then closed. The Treasury Department would enforce the rules and write regulations, and banks could face civil penalties unless they act in good faith. People not lawfully present who open or keep an active account could face a fine of up to $1,000,000, up to 1 year in prison, or both, with exceptions for pending asylum applicants and those whose authorized stay ended within the past 90 days.

Full text and official record on Congress.gov

Sponsors

• Keith Self Republican sponsor
• 0 cosponsors