What does Preamble of Alien Banking Act do?

This bill proposes to amend section 5318 of title 31, United States Code. It would require financial institutions to verify the lawful immigration status of applicants for deposit accounts. Verification would be achieved through a self-attestation form. The bill also intends to impose penalties on individuals providing false attestations.

What does SHORT TITLE. of Alien Banking Act do?

This bill is formally titled Alien Banking Act

What does REQUIREMENT FOR IMMIGRATION STATUS VERIFICATION IN CUSTOMER of Alien Banking Act do?

This section amends Section 5318(l) of title 31, United States Code, related to customer identification programs. It requires individuals opening accounts to attest, under penalty of perjury, to their lawful presence in the United States. Financial institutions are prohibited from opening or maintaining accounts for individuals who fail to provide this attestation. Individuals making false attestations face civil penalties of $10,000 to $50,000 and potential criminal penalties including fines and imprisonment. Assets in accounts associated with false attestations are subject to forfeiture, both civilly and criminally. Financial institutions must report any belief that an individual has made a false attestation to the Secretary of Homeland Security and the Attorney General.

What does REGULATIONS. of Alien Banking Act do?

The Secretary of the Treasury must issue regulations within 180 days of enactment. Regulations will implement amendments made by section 2 of the Act. Regulations include model language for attestation and guidelines for reporting false attestations.

What does EFFECTIVE DATE. of Alien Banking Act do?

This section establishes an effective date for the provisions added by amendments made by this Act. The effective date is one year after the date of enactment of this Act.

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Alien Banking Act

Last updated: 3/5/2026 · Introduced: 3/5/2026

Author: Andrew Ogles (R-TN)

TL;DR (AI)

The bill requires financial institutions to verify the lawful immigration status of applicants for deposit accounts through a self-attestation form.
Financial institutions are prohibited from opening or maintaining accounts for individuals who fail to provide the required attestation, and individuals making false attestations face civil and criminal penalties.
Assets in accounts associated with false attestations are subject to forfeiture, and financial institutions must report suspected false attestations to the Secretary of Homeland Security and the Attorney General.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

5 sections

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