The Know Your American Customer Act requires financial institutions to verify the citizenship and legal status of individuals opening or maintaining.
The Know Your American Customer Act amends title 31, United States Code, to mandate that financial institutions verify the citizenship and legal status of individuals. Specifically, insured depository institutions and insured credit unions must freeze or close accounts of individuals not lawfully present in the United States. Individuals must present documentation of lawful presence to open or maintain an account, with exceptions for those with expired authorized stays or pending asylum applications.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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