Illegal migrants in the US face risk of losing access to bank accounts

Washington (ANTARA) - Illegal migrants in the United States may lose access to bank accounts in the United States if the Trump administration implements a plan to impose citizenship requirements on account holders, said Kyle Shostak, director of Navigator Principal Investors, to RIA Novosti. “From what is evident, the government’s underlying intention is to restrict illegal migrants’ access to the US banking system,” said Shostak. “Thus, the US government may implement, as has been done in the past, various measures aimed at closing the accounts of illegal migrants,” he added. Semafor on February 24 reported that the US government was considering rules requiring banks to collect evidence of citizenship, such as passports, from their customers. Shostak stated his belief that implementing the rule would not be a problem for foreigners with lawful status in the US. “During the customer verification process, foreign nationals will be identified and asked to provide the basis for their stay in the US, such as a visa or residence permit,” he said. “Almost all long-term visa holders, including H-1B, O-1, and others, are entitled to open bank accounts, especially those holding a Green Card,” he added. Semafor reported that checking account holders would also be asked to provide proof of their citizenship if the policy were enacted. Shostak said the overall process would not pose problems for banks, and generally the rules would be welcomed by the banking community. However, the report also stated that the banking community expressed concerns that such measures would be costly and complex to implement.