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The Government of Donald Trump is considering a new measure that could profoundly alter the relationship between banks and millions of customers in the United States, including migrants with and without regular status.
The White House is considering requiring financial institutions to verify the citizenship of their clients, which would be another step in the administration's immigration crackdown, according to recent revelations by The Wall Street Journal,
The possible action—which could take the form of an executive order or another provision driven by the Department of the Treasury—would require banks to collect documentation such as passports or other documents that verify U.S. citizenship.
Although the measure has not been officially confirmed yet, its mere discussion has raised alarms in the financial sector.
A White House spokesperson, Kush Desai, avoided confirming or denying the plan and stated that "any information about potential policies that has not been officially announced by the White House is mere speculation."
A radical change in the rules of the banking system
Currently, banks in the United States must comply with "know your customer" (know your customer) regulations and anti-money laundering laws.
This involves verifying the client's basic identity - name, date of birth, address - and reporting suspicious transactions to the Financial Crimes Enforcement Network (FinCEN), established under the Bank Secrecy Act.
However, there is no requirement to verify citizenship or immigration status as a condition for opening or maintaining a bank account.
There is also no federal regulation that prohibits non-citizens from accessing the financial system.
The eventual order would go far beyond those requirements.
The measure could even be applied retroactively, requiring a review of millions of existing accounts and demanding new documents from clients who have had banking relationships for years.
“It’s a bad idea. We are very alarmed,” a source from the financial sector stated to CNN.
The same source warned that "verifying the citizenship status of all bank clients would be unfeasible."
The retroactive nature of the possible measure is one of the aspects that raises the most concern.
Approximately half of the U.S. population does not possess a passport, which could lead to complications even for citizens born in the country.
What would it imply for migrants?
If realized, the requirement could block access to the banking system for thousands -or even millions- of undocumented migrants, making everyday operations such as receiving salaries, paying rent, or sending remittances more difficult.
Additionally, there is concern in the financial sector that the order aims to turn banks into a direct mechanism of the deportation policy.
Executives fear becoming involved in the government's efforts to identify and deport undocumented immigrants.
Behind the discussion is the possibility that immigration authorities may access or cross-check financial information to verify the immigration status of clients.
Experts warn that such a measure could lead to a massive withdrawal of deposits by foreign clients or immigrants who fear becoming exposed, which would affect the liquidity of the institutions and their ability to extend credit in local economies.
According to figures from the Deportation Data Project, between January 1, 2025, and October 15, 2025, ICE arrested an average of 746 people per day, more than double the average over the past decade.
At the same time, Republican lawmakers have put forward initiatives to restrict access for undocumented migrants to various services, including the financial system.
Is it viable legally and operationally?
Although the Department of the Treasury may attempt to modify the identification requirements under the authority of the Bank Secrecy Act, a structural change of this magnitude could require a formal regulatory process, which would open the door to legal challenges.
From an operational standpoint, the banking sector warns that mass verification of citizenship would be extremely complex and costly.
Furthermore, it is unclear whether the measure would only require the collection of information or if it would involve the automatic closure of accounts belonging to individuals who cannot prove citizenship.
For now, the White House has not confirmed the issuance of any order. However, the mere fact that the measure is under consideration anticipates a new front of tension between the Trump Administration, the financial system, and migrant communities.
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