00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Treasury Secretary Scott Besant said,
00:05Banks must be prepared to collect citizenship data if regulators require it,
00:09as an executive order tied to President Trump's immigration policy moves forward,
00:13according to CNBC.
00:15Besant said the order is in process,
00:17and argued banks cannot fully know customers without verifying their legal status.
00:22U.S. banks currently follow know-your-customer rules under laws such as the Bank Secrecy Act
00:27and USA Patriot Act, which require identity verification but not citizenship status.
00:33Senator Tom Cotton introduced legislation to require verification of citizenship
00:37or legal status for account holders.
00:39Policy experts and banks warned the requirement could raise costs and limit access to banking.
00:44An analysis estimated 30 million to 70 million paperwork hours
00:48and $2.6 billion to $5.6 billion in costs.
00:52For all things money, visit Benzinga.com.
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