This bill aims to ensure that banks verify the legal immigration status of people opening accounts. It helps prevent fraud by penalizing those who lie about their status.
If you are applying for a bank account and are not a U.S. citizen, you will need to prove your immigration status.
Who this affects
Individuals applying for bank accounts · Non-U.S. citizens
What changes is this bill making?
1This bill requires banks to check the immigration status of people applying for deposit accounts.
2Applicants must fill out a self-attestation form to confirm their lawful immigration status.
3The bill imposes penalties on individuals who provide false information on this form.
4Financial institutions must follow these new rules when opening deposit accounts.
