Major alarm bells over this.
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Major alarm bells over this. Bessent wants US banks to require customers send in copies of their passports etc. to prove citizenship, which would be far beyond the know-your-customer checks that they're required to do already. Implies this could result in closing bank accounts over non-compliance.
@zackwhittaker Bessent can fuck off.
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@zackwhittaker Since when is citizenship a requirement for a bank account?
It is not.
Currently.
Consider the people who have work visas. They need an account for their employer to deposit those paychecks in.
I think Bessent is displaying his ignorance here.
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Major alarm bells over this. Bessent wants US banks to require customers send in copies of their passports etc. to prove citizenship, which would be far beyond the know-your-customer checks that they're required to do already. Implies this could result in closing bank accounts over non-compliance.
This will go nowhere. Banks will sue, because this is overly burdensome.
