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119-hr-8836119th CongressWALLET

Know Your American Customer Act

Sponsored By: Representative Self, Keith [R-TX-3]

Introduced

Summary

Verify citizenship or lawful presence for bank accounts. This bill would require insured depository institutions and insured credit unions to confirm that individuals opening or maintaining accounts are U.S. citizens or lawfully present and to follow specific document checks and account controls.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 0 benefits, 2 costs, 2 mixed.

ID proof to open personal accounts

If enacted, beginning 90 days after enactment a covered person would have to show one listed document to open a personal deposit account. The listed documents include REAL ID state IDs, U.S. passports, birth certificates, naturalization or citizenship certificates, green cards, valid foreign passports with Form I-94 or visas, SSA proof-of-earnings with state ID, Department of Defense IDs, or other DHS documents. Covered institutions would be prohibited from opening or keeping accounts for people who are not lawfully present, subject to exceptions for some temporary-stay cases. People who already had an account at the same bank before the 90-day date would not have to re-verify immediately.

Criminal penalties for account use

If enacted, a non-lawfully present person or someone with a removal order who opens or maintains an active account at a covered institution would face criminal penalties. Penalties could include fines up to $1,000,000, imprisonment up to 1 year, or both. The bill would not apply criminal penalties for stays that expired in the prior 90 days or for pending asylum applicants, and it would not impose criminal penalties solely for a paperwork verification violation.

Rules for temporary lawful-stay accounts

If enacted, people with a temporary period of authorized stay would have to file a Treasury form showing the stay’s end date and basis when opening an account. When that authorized stay ends the person would get 30 days of full access. If they do not show updated lawful-presence documents, the next 60 days would allow deposits only but no withdrawals, card transactions, or outgoing transfers. If no updated documentation is provided by the end of the 60-day restricted period, the bank would close the account under regulations.

Federal rules, preemption, and bank safe harbors

If enacted, the Treasury Secretary (through FinCEN) would enforce the verification rule and must issue interim guidance within 30 days and final regulations within 90 days. The interim guidance would act like a rule and would not be subject to the Paperwork Reduction Act while in effect. The federal rule would override state verification laws for covered individuals, and regulations must set procedures for freezes, notices, redirecting incoming payments, and handling remaining balances. Covered institutions could face civil penalties, but safe harbors would protect banks that make good-faith compliance efforts or rely on the listed identity documents.

Sponsors & CoSponsors

Sponsor

Self, Keith [R-TX-3]

TX • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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