The White House Wants Banks to Collect Customer Data

The White House is considering an executive order that would require banks to collect data and information on the citizenship of their customers.

The new executive order would represent a significant new push in President Trump’s efforts to crack down on illegal immigration, according to the Financial Times.

The order could apply to both new and existing customers.

Under the Bank Secrecy Act, US lenders are required to obtain customers’ names, dates of birth and addresses to detect financial crimes, but there is no federal law requiring the collection or verification of citizenship status for opening an account.

Some institutions request this data and information on a voluntary basis for risk management purposes. Documents proving US citizenship include passports, birth certificates, certificates of naturalisation and certain military records.

An estimated 52 per cent of US citizens did not have a valid passport in 2024, according to data from the US State Department, as most use state-issued driver’s licences as a standard form of identification.

It is unclear what the consequences would be for those who cannot prove their citizenship under the potential order.

Reports from previous years show that foreign nationals, including individuals from Iran, have had their bank accounts frozen due to questions about their citizenship.

‘Any reporting about potential policy-making that has not been officially announced by the White House is baseless speculation,’ said White House spokesman Kush Desai, according to Russia Today.

Since returning to office last year, Donald Trump has launched a major immigration crackdown, leading to mass deportations. He claims that illegal crossings have fallen to negligible levels.

The Safeguard American Voter Eligibility Act, recently passed by the House of Representatives, would also require proof of citizenship in the form of documents for federal voter registration.

While critics claim that this would disenfranchise millions of voters, Donald Trump argues that it will help to stop ‘rampant’ fraud in elections.