Bessent: Banks must be prepared to collect customers' citizenship data

Treasury Secretary Scott Bessent stated that banks must be ready to collect citizenship data from customers, emphasizing that illegal immigrants should not access the banking system. Currently, citizenship documents are not required to open bank accounts in the U.S., but Bessent highlighted the importance of knowing customers' legal status. An executive order for this requirement is reportedly in process, with potential costs estimated between $2.6B and $5.6B for banks to implement citizenship verification.