The Alien Banking Act would require U.S. banks and financial institutions to verify that customers opening deposit accounts are lawfully present in the country through a self-attestation form, where individuals must declare under penalty of perjury whether they are U.S. citizens, lawful permanent residents, or otherwise lawfully present. Banks would be prohibited from opening or maintaining accounts for anyone who refuses to complete this attestation. Individuals who knowingly make false statements on the form face significant penalties, including civil fines of $10,000 to $50,000, criminal imprisonment of up to five years with fines up to $250,000, and potential seizure of all funds and assets in the account. Financial institutions must report suspected false attestations to the Department of Homeland Security and the Justice Department. The Treasury Department would have 180 days after the bill's passage to issue implementing regulations, and the requirements would take effect one year after enactment.
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