The Trump administration is moving towards implementing stricter banking regulations that would require US banks to collect citizenship data when opening new accounts. Treasury Secretary Scott Bessent stated that banks must be prepared for potential mandates from regulators. Currently, US banks verify identity under existing Know Your Customer (KYC) rules but do not require citizenship documentation. The proposal, which is being processed as an executive order, aims to enhance the link between immigration policy and data collection in various sectors, including banking. Support is growing among Republican lawmakers, with Senator Tom Cotton introducing a bill to enforce this requirement. However, the proposal has raised concerns among policy experts and banking institutions, who argue that it could limit access to banking services for non-citizens, pushing them into a cash-based economy. Additionally, estimates suggest that the implementation of these rules could add between 30 million and 70 million paperwork hours and cost banks between $2.6 billion and $5.6 billion.