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... A spokesperson for the White House, Kush Desai, told Semafor that "any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation." It is unclear where the Treasury Department, which did not comment for this story, stands on the proposal.

Already, the industry is pushing back out of concern that the potential move -- via presidential order, not legislation -- would be costly and complicated to implement. Illicit finance laws require financial institutions to collect some personal information on their customers, but not citizenship details specifically.
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One financial services lobbyist called the idea a "complete nightmare" logistically. The lobbyist also warned of potential pushback from GOP voters: "The admin might think this is a good idea until Joe MAGA in Alabama is asked to present his papers." ...