Know Your American Customer Act

This bill requires banks and credit unions to verify the citizenship or lawful immigration status of individuals opening or maintaining accounts in the United States. Financial institutions must accept specific documents such as passports, driver's licenses, or birth certificates to confirm a customer's identity and legal presence. The law includes provisions for temporary residents, allowing them to maintain accounts for a limited period after their authorized stay expires while restricting certain transactions. It also establishes penalties for individuals who open accounts without lawful status and provides safe harbors for financial institutions that make good-faith efforts to comply with verification requirements.