Know Your American Customer Act

This bill, known as the Know Your American Customer Act, requires banks and credit unions to verify that all new and existing individual account holders are legally present in the United States. To open an account, individuals must present specific documents proving citizenship or lawful status, such as a passport, driver's license, or permanent resident card, with stricter rules applying to those with temporary visas. The law mandates that institutions freeze or close accounts for individuals who lose their legal status, though it provides a temporary grace period to allow for incoming deposits before restricting withdrawals. Additionally, the bill introduces criminal penalties, including fines and imprisonment, for individuals who illegally open or maintain accounts, while explicitly exempting those who have recently lost status or are seeking asylum.