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Bessent Bank Mandate

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Bessent Bank Mandate

B
Benzinga

847 Views • Apr 16, 2026

Description

Treasury Secretary Scott Bessent said banks must be prepared to collect citizenship data if regulators require it, as an executive order tied to Trump's immigration policy moves forward. Current KYC rules require identity verification but not citizenship status. Senator Tom Cotton introduced legislation to mandate citizenship verification for account holders. Experts warned the requirement could cost $2.6B–$5.6B and limit banking access for millions.

Keywords & Tags

#cnbc #banking #Treasury #immigration #Trump #KYC #TomCotton #FinanceNews #ImmigrationPolicy #ScottBessent #FinancialInclusion #FinancialRegulation #BankSecrecyAct #BankingPolicy #CitizenshipData

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