The Trump administration considers requiring banks to provide citizen identification information... Financial industry tense

Reports indicate that the Trump administration is considering requiring banks to collect customers’ citizenship information, sparking controversy. This is part of efforts to strengthen the crackdown on illegal immigration.

Currently, U.S. banks, through the existing “Know Your Customer” system, require certain customer information to prevent money laundering or criminal activities. However, citizenship information is not included in this system, and the U.S. does not prohibit non-citizens from opening accounts. If the new measure is implemented, customers may need to submit additional documents such as passports to maintain their accounts.

The consideration of this executive order has caused significant concern within the banking industry. Since the policy has not been finalized before President Trump’s official announcement, everything remains at the potential discussion stage. According to White House officials, the issue is under discussion by the Treasury Department but has not yet been approved.

President Donald Trump has shown a strong willingness to intensify efforts against illegal immigration. Given that the policy is not yet finalized before the announcement, how these developments will actually be reflected in policy remains to be seen. Experts point out that the responsibilities of banks and financial transactions may increase accordingly, which could also impact financial markets.