H.R. 7842

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7842 Introduced in House (IH)]

<DOC>

119th CONGRESS
2d Session
H. R. 7842

To amend section 5318 of title 31, United States Code, to require 
financial institutions to verify the lawful immigration status of 
applicants for deposit accounts through a self-attestation form, to 
impose penalties on individuals for false attestations, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 5, 2026

Mr. Ogles (for himself, Mr. Crane, and Mr. Higgins of Louisiana) 
introduced the following bill; which was referred to the Committee on 
Financial Services

_______________________________________________________________________

A BILL

To amend section 5318 of title 31, United States Code, to require 
financial institutions to verify the lawful immigration status of 
applicants for deposit accounts through a self-attestation form, to 
impose penalties on individuals for false attestations, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Alien Banking Act''.

SEC. 2. REQUIREMENT FOR IMMIGRATION STATUS VERIFICATION IN CUSTOMER 
IDENTIFICATION PROGRAMS.

(a) In General.--Section 5318(l) of title 31, United States Code, 
is amended--
(1) in paragraph (2)--
(A) in subparagraph (B), by striking ``and'' at the 
end;
(B) in subparagraph (C), by striking the period at 
the end and inserting ``; and''; and
(C) by adding at the end the following:
``(D) requiring any individual who is present in 
the United States and seeking to open an account to 
attest, under penalty of perjury, to the individual's 
lawful presence in the United States, including by 
checking a box or similar affirmation on the deposit 
account application form indicating whether the 
individual is a United States citizen, a lawful 
permanent resident, or otherwise lawfully present in 
the United States, as defined by the Secretary of 
Homeland Security in consultation with the Secretary of 
the Treasury.''; and
(2) by adding at the end the following:
``(7) Prohibition on opening accounts for unlawfully 
present individuals.--A financial institution may not open or 
maintain an account for any individual who fails to provide the 
attestation required under paragraph (2)(D).
``(8) Penalties for individuals.--
``(A) Civil penalty.--Any individual who knowingly 
makes a false attestation described in paragraph (2)(D) 
is liable for a civil penalty of not less than $10,000 
and not more than $50,000.
``(B) Criminal penalty.--Any individual who 
knowingly makes a false attestation described in 
paragraph (2)(D) shall be fined under title 18, United 
States Code, imprisoned not more than 5 years, or both. 
Notwithstanding title 18, United States Code, the fine 
under this subparagraph shall not exceed $250,000.
``(C) Forfeiture of assets.--
``(i) Civil forfeiture.--In the case of an 
individual knowingly making a false attestation 
described in paragraph (2)(D) in connection 
with an account, any property contained in the 
account, regardless of when such property was 
placed in the account, and any property 
otherwise traceable to the account, may be 
seized and forfeited to the United States in 
accordance with the procedures governing civil 
forfeitures in money laundering cases pursuant 
to section 981(a)(1)(A) of title 18, United 
States Code.
``(ii) Criminal forfeiture.--
``(I) In general.--A court, in 
imposing sentence for an individual 
knowingly making a false attestation 
described in paragraph (2)(D) in 
connection with an account, shall order 
the defendant to forfeit all property 
contained in the account, regardless of 
when such property was placed in the 
account, and any property otherwise 
traceable to the account.
``(II) Procedure.--Forfeitures 
under this clause shall be governed by 
the procedures established in section 
413 of the Controlled Substances Act.
``(9) Reporting requirement.--A financial institution that 
has reason to believe an individual has made a false 
attestation described in paragraph (2)(D) shall report such 
belief to the Secretary of Homeland Security and the Attorney 
General.''.

SEC. 3. REGULATIONS.

Not later than 180 days after the date of enactment of this Act, 
the Secretary of the Treasury, in consultation with the Secretary of 
Homeland Security and the Attorney General, shall issue regulations to 
implement the amendments made by section 2 of this Act, including--
(1) model language for the attestation described in 
5318(l)(2)(D) of title 31, United States Code; and
(2) guidelines for reporting suspected false attestations 
under section 5318(l)(9) of such title.

SEC. 4. EFFECTIVE DATE.

The provisions added by the amendments made by this Act shall take 
effect on the date that is 1 year after the date of enactment of this 
Act.
<all>