Bill > S4206

This bill, titled the "Know Your American Customer Act," aims to amend existing law to require certain financial institutions, specifically insured depository institutions (banks) and insured credit unions, to verify the citizenship and legal status of individuals opening or maintaining accounts. The bill defines "lawfully present" as being a U.S. citizen or national, or an alien legally admitted to the U.S. whose authorized stay has not expired. Covered institutions must obtain specific documentation, such as a driver's license compliant with the REAL ID Act, a U.S. passport, or a birth certificate, to verify this status for new accounts. Individuals with a temporary authorized stay must provide an expiration date and the basis for their stay; if their authorized stay expires, their account access will be restricted for a period before potentially being closed if updated documentation isn't provided. The bill also includes provisions for penalties for financial institutions that fail to comply, with exceptions for good-faith efforts, and outlines criminal penalties for individuals who are not lawfully present and open or maintain accounts, with certain exceptions for those whose authorized stay recently expired or who have pending asylum applications.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/4206/all-info