Know Your American Customer Act

Summary

Requires insured banks and federally insured credit unions to verify that people opening or controlling deposit accounts are lawfully present in the United States, with a 90‑day phased start for new accounts, and makes it a federal crime for people not lawfully present (with narrow exceptions) to open or maintain active deposit accounts. It defines covered institutions and individuals, specifies acceptable immigration documents and certification rules, and sets criminal penalties and exclusions for restricted or recently expired-authority accounts.

• Requires insured banks and credit unions to verify lawful U.S. presence before opening or maintaining certain deposit accounts.
• Verification requirements begin 90 days after enactment for new account applicants and certain additions to accounts.
• Defines covered individuals (new accountholders, certain joint holders, and controllers of entity accounts) and covered institutions (insured banks and credit unions).
• Acceptable proof includes U.S. citizenship/national documents or DHS evidence of inspection/admission/parole (e.g., I‑94); temporary-authority holders must certify status on a Treasury form.
• Creates a federal crime for non‑lawfully present individuals (and those ordered removed) who open or maintain active accounts, with penalties up to $1,000,000 and/or 1 year imprisonment.
• Provides exceptions for recent expirations of authorized stay (within 90 days) and pending asylum applicants, and excludes accounts already restricted or frozen from the criminal offense.
• Applies to accounts controlled through legal entities and to directing others to open or maintain accounts on behalf of ineligible persons.
• Preserves separate federal criminal liability and specifies that a standalone violation of the verification rules does not automatically trigger the new criminal penalty.