H.R. 7842: Alien Banking Act

Alien Banking Act

This bill requires financial institutions to verify the immigration status of anyone opening a deposit account by mandating a sworn self-attestation of lawful presence in the United States. Banks are strictly prohibited from opening or maintaining accounts for individuals who fail to provide this attestation. Furthermore, the bill imposes severe consequences for making a false claim, including steep civil fines, up to five years in prison, and the complete forfeiture of all assets tied to the account. Finally, financial institutions are legally mandated to report any suspected fraudulent applicants directly to the Department of Homeland Security and the Attorney General.