Trump's Bank Citizenship Rule: What the New KYC Order Means for US Financial Institutions
Blog post from Didit
In April 2026, U.S. Treasury Secretary Scott Bessent confirmed that the Trump administration is developing an executive order requiring U.S. banks to collect citizenship information from customers, a significant change since the 2003 USA PATRIOT Act. This proposal, framed as part of broader immigration enforcement and data integrity goals, potentially affects millions of existing account holders and requires banks to undertake extensive re-verification processes. The draft order, still unsigned, has sparked industry concerns over feasibility, compliance with multiple overlapping regulations, and operational challenges, especially regarding document diversity and retroactive application. Banks are urged to prepare by evaluating their current customer base's document availability, auditing KYC vendor coverage, modeling re-verification costs, and planning effective customer communication. The order reflects a broader trend of linking financial systems with immigration and citizenship data, necessitating an expanded compliance stack that integrates identity, nationality, and ongoing monitoring into a streamlined verification process.
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