Know Your American Customer Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4206 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4206 To amend title 31, United States Code, to require certain financial institutions to verify the citizenship and legal status of individuals, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 25, 2026 Mr. Cotton introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To amend title 31, United States Code, to require certain financial institutions to verify the citizenship and legal status of individuals, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Know Your American Customer Act''. SEC. 2. VERIFICATION OF CITIZENSHIP AND LEGAL STATUS. Section 5318 of title 31, United States Code, is amended by adding at the end the following: ``(r) Verification of Citizenship and Legal Status.-- ``(1) Definitions.--In this subsection: ``(A) Covered individual.--The term `covered individual' means any natural person who-- ``(i) seeks to open an account at a covered institution; ``(ii)(I) who holds an account at a covered institution that was opened on or after the date that is 90 days after the date of enactment of this subsection; and ``(II) whose eligibility for such account was established through documentation of authorization to temporarily reside in the United States in compliance with paragraph (2)(C); or ``(iii) is identified as the individual exercising substantial control over a legal entity, as described in section 5336, that seeks to open an account at a covered institution. ``(B) Covered institution.--The term `covered institution' means-- ``(i) a