The article from RT reports that the White House is contemplating an executive order that would require banks in the United States to collect citizenship information from their customers. This potential decree is seen as a significant step in President Donald Trump's ongoing efforts to address undocumented migration. According to the Financial Times, the proposal would affect both new customers and those who already hold accounts, alarming banking institutions that are wary of the implications such a mandate could entail.

Currently, under the Bank Secrecy Act, banks must gather identifying information such as names, birth dates, and addresses to comply with regulations aimed at detecting financial crimes. However, there are no federal requirements for financial institutions to verify customers' citizenship statuses when accounts are opened. While some banks do ask for citizenship data voluntarily as part of their risk management practices, a federal mandate would overhaul this aspect of banking regulations, raising concerns about privacy and the operational burden on financial institutions.

The discussion around this executive order highlights the broader political and social implications of immigration policy in the United States. It brings attention to the ongoing debate over how to handle undocumented migrants and the role financial institutions play in this scenario. As banking organizations react to the evolving regulatory landscape, the potential order could spark significant conversations about civil rights, privacy, and the ethical responsibilities of banks in serving a diverse population.