What does Preamble of Know Your American Customer Act do?

This bill aims to amend title 31, United States Code The amendment requires certain financial institutions to verify citizenship and legal status The bill has other purposes beyond the specified amendment

What does SHORT TITLE. of Know Your American Customer Act do?

This bill is formally titled the Know Your American Customer Act.

What does VERIFICATION OF CITIZENSHIP AND LEGAL STATUS. of Know Your American Customer Act do?

This section amends title 31 of the United States Code to establish requirements for verifying the citizenship and legal status of individuals opening or maintaining accounts at covered institutions. Covered institutions include insured depository institutions and insured credit unions. A 'covered individual' includes those seeking to open an account, those holding accounts opened after a 90-day period following enactment, and individuals exercising control over legal entities. Generally, covered institutions may not open or maintain accounts for individuals not lawfully present in the United States. Individuals seeking to open accounts must present specific documentation, such as a driver's license, passport, or birth certificate, to verify lawful presence. Individuals with temporary authorized stays must provide a certification detailing their expiration date and basis for stay. If an individual's authorized stay expires, the institution must restrict transactions for 60 days before potentially closing the account. The Secretary of the Treasury, through the Financial Crimes Enforcement Network, is responsible for enforcing these provisions, coordinating with the National Credit Union Administration for insured credit unions. The Secretary of the Treasury must issue interim guidance within 30 days and final regulations within 90 days of enactment.

What does LIMITATION ON CRIMINAL PENALTIES. of Know Your American Customer Act do?

This section amends Section 5322 of title 31, United States Code, to add limitations on criminal penalties. It defines terms such as 'active account', 'covered institution', 'lawfully present', and 'period of authorized stay'. Individuals not lawfully present in the US, or with ordered removal, may face fines or imprisonment for opening or maintaining active accounts at covered institutions.

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Know Your American Customer Act

Last updated: 5/14/2026 · Introduced: 5/14/2026

Author: Keith Self (R-TX)

TL;DR (AI)

The Know Your American Customer Act mandates that financial institutions verify the citizenship and legal status of individuals opening or maintaining accounts.
Covered institutions are prohibited from opening or maintaining accounts for individuals not lawfully present in the United States, requiring specific documentation for verification.
The bill establishes criminal penalties for individuals not lawfully present in the U.S. who open or maintain accounts at covered institutions.

119th Congressin committeeS. 4206(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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