119th (2025–2027)
H.R. 8836
# Summary of H.R. 8836 – Know Your American Customer Act This bill requires banks and credit unions to verify that customers are U.S. citizens or lawfully present in the country before opening or maintaining accounts. Beginning 90 days after enactment, covered individuals must present documents such as a passport, driver's license, birth certificate, green card, or valid visa with proof of lawful admission. People with temporary authorization to stay must provide certification of their expiration date and will have their accounts automatically restricted after their authorized stay expires, allowing only deposits but no withdrawals for 60 days before account closure if they cannot prove updated legal status. The bill affects all banks and credit unions nationwide and creates criminal penalties of up to $1 million in fines and one year in prison for undocumented immigrants or those with removal orders who knowingly open or maintain active accounts. However, the law includes safe harbors protecting financial institutions from penalties if they make good-faith efforts to comply and accept valid documents listed in the bill. The Treasury Department must issue interim guidance within 30 days and final regulations within 90 days of enactment. The bill preempts any state laws on this subject and exempts certain international banking accounts and foreign nationals not physically present in the U.S.