S. 4206: Know Your American Customer Act
Quick Facts:
Bill Sponsor: Sen. Tom Cotton (R-AR)
Congress: 119
Date Introduced: March 25, 2026
Last Action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (March 25, 2026)
Know Your American Customer Act
This bill requires individuals who open and maintain bank accounts to provide proof of lawful status, such as a REAL ID, passport, or green card. For nonimmigrants, the bill mandates strict tracking, freezing withdrawals, and eventually closing accounts if their authorized stay expires. Penalties include up to $1,000,000 in fines and a year in prison.