The Trump administration is considering a bold new step in its effort to curb illegal immigration — potentially requiring U.S. banks to collect citizenship information from customers, The Wall Street Journal reports.

According to reports, officials are discussing an executive order that would direct financial institutions to gather proof of citizenship — such as a passport — from both new applicants and possibly existing account holders who want to keep their accounts.

If enacted, the move would mark a significant expansion of current banking rules.

Under existing “Know Your Customer” (KYC) regulations, banks must verify identities to prevent money laundering and criminal activity.

However, they are not currently required to collect or verify citizenship status, and there is no federal ban on noncitizens opening bank accounts.

The proposal is reportedly being discussed within the Treasury Department but has not been finalized.

A White House official cautioned that no policy is official until the president announces it.

“Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation,” said White House spokesman Kush Desai.

The discussions have reportedly raised concerns within the banking industry, which could be tasked with enforcing the new requirements.

The potential order would align with President Trump’s broader push to reduce illegal immigration and tighten enforcement across multiple sectors of American life — including employment, public benefits, and now possibly financial services.

No final decision has been announced.