Alien Banking Act

Key Points

• Every person opening a bank account in the U.S. would have to sign a statement under penalty of perjury confirming they are a citizen, lawful permanent resident, or otherwise lawfully present in the country.
• Banks would be banned from opening or keeping accounts for anyone who does not complete the immigration status attestation form. If a bank suspects a customer lied, it must report that person to the Department of Homeland Security and the Attorney General.
• Anyone who lies on the attestation form could face civil fines between $10,000 and $50,000, criminal fines up to $250,000, up to 5 years in prison, and forfeiture of all money in the account.
• The Treasury Department would have 180 days after enactment to write regulations, including model language for the attestation form. The new requirements would take effect one year after the bill becomes law.