,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dbjf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #be1 #bjbf,mr4    
,cotton introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d title #ca1 ,unit$      
,/ates ,code1 to require c]ta9 f9ancial 
in/itutions to v]ify ! citiz5%ip & legal
 /atus ( individuals1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,"k ,y\r ,am]ican ,cu/om] ,act4  #b4  
,v]ification ( citiz5%ip & legal /atus  
,section #ecah ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by add+ at ! end 
! foll[+3  7r7 ,v]ification ( citiz5%ip 
& legal /atus  7#a7 ,def9itions ,9 ?is  
subsection3 7,a7 ,cov]$ individual ,!   
t]m cov]$ individual means any natural  
p]son :o-- 7i7 seeks to op5 an acc\nt at
 a cov]$ in/itution2  7ii7 7,i7 :o holds
 an acc\nt at a cov]$ in/itution t 0    
op5$ on or aft] ! date t is #ij days    
aft] ! date ( enactm5t ( ?is subsection2
 &  7,,ii7 ^: eligibility = su* acc\nt 0

 e/abli%$ ?r\gh docum5tation (          
au?orization to tempor>ily reside 9 !   
,unit$ ,/ates 9 compliance ) p>agraph   
7#b77;,c72 or  7iii7 is id5tifi$ z !    
individual ex]cis+ sub/antial control   
ov] a legal entity1 z describ$ 9 section
 #eccf1 t seeks to op5 an acc\nt at a   
cov]$ in/itution4  7,b7 ,cov]$          
in/itution ,! t]m cov]$ in/itution      
means-- 7i7 an insur$ depository        
in/itution2 &  7ii7 an insur$ cr$it     
union4  7,c7 ,di/ributions or transf]s  
,! t]m di/ributions or transf]s means   
any paym5t1 refund1 deposit1 or o!r     
funds t w\ld o!rwise be direct$ to an   
acc\nt t has be5 froz5 or clos$ "u ?is  
subsection4  7,d7 ,insur$ cr$it union ,!
 t]m insur$ cr$it union has ! mean+ giv5
 ! t]m 9 section #aja ( ! ,f$]al ,cr$it 
,union ,act 7#ab ,u4,s4,c4 #ageb74  7,e7
 ,insur$ depository in/itution ,! t]m   
insur$ depository in/itution has ! mean+
 giv5 ! t]m 9 section #c ( ! ,f$]al     
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahac74  7,f7 ,lawful pres5ce2 lawfully 

pres5t 9 ! unit$ /ates ,! t]ms lawful   
pres5ce & lawfully pres5t 9 ! ,unit$    
,/ates1 ) respect to an individual1 mean
 t ! individual is-- 7i7 a citiz5 or    
national ( ! ,unit$ ,/ates2 or  7ii7 an 
ali5-- 7,i7 :o has be5 inspect$ &       
admitt$ or p>ol$ into ! ,unit$ ,/ates "u
 ! ,immigration & ,nationality ,act 7#h 
,u4,s4,c4 #aaja et seq472 &  7,,ii7 ^:  
p]iod ( au?oriz$ /ay has n expir$4  7,g7
 ,p]iod ( au?oriz$ /ay ,! t]m p]iod (   
au?oriz$ /ay means ! p]iod dur+ :i* an  
ali5 is au?oriz$ by ! ,secret>y (       
,homel& ,security to be pres5t 9 !      
,unit$ ,/ates1 z evid5c$ by a docum5t   
issu$ by ! ,dep>tm5t ( ,homel&          
,security1 includ+ an                   
,arrival_/,dep>ture ,record 7,=m ,i-#id7
 7or an equival5t docum5t74  7#b7       
,eligibility to op5 & ma9ta9 an acc\nt  
7,a7 ,9 g5]al ,except z provid$ 9       
subp>agraph 7,c71 a cov]$ in/itution may
 n op5 or ma9ta9 an acc\nt = any cov]$  
individual :o is n lawfully pres5t 9 !  
,unit$ ,/ates4  7,b7 ,v]ification       

requirem5t  7i7 ,new acc\nts  7,i7 ,9   
g5]al ,except z provid$ 9 clause 7ii71  
beg9n+ on & aft] ! date t is #ij days   
aft] ! date ( enactm5t ( ?is subjection1
 a cov]$ individual %all pres5t #a ( !  
foll[+1 :i* may be an orig9al or c]tifi$
 copy1 to op5 an acc\nt at a cov]$      
in/itution3 7aa7 ,a driv]'s lic5se or   
id5tification c>d issu$ by a ,/ate t is 
compliant ) section #bjb ( ! ,,real ,,id
 ,act ( #bjje 7division ,b ( ,public    
,law #aji-ac2 #di ,u4,s4,c4 #cjcja      
note74  7bb7 ,a ,unit$ ,/ates passport  
or passport c>d4  7cc7 ,a bir?          
c]tificate issu$ by ! vital records     
(fice ( a ,/ate1 t]ritory1 or ! ,di/rict
 ( ,columbia4  7dd7 ,a ,c]tificate (    
,naturalization 7,=m ,n-#eej1 ,=m       
,n-#egj1 or ,=m ,n-#egh74  7ee7 ,a      
,c]tificate ( ,citiz5%ip 7,=m ,n-#efj or
 ,=m ,n-#efa74  7ff7 ,a ,consul> ,report
 ( ,bir? ,abroad 7,=m ,,fs-#bdj7 or     
,c]tification ( ,report ( ,bir? 7,=m    
,,ds-#acej74  7gg7 ,a ,p]man5t ,resid5t 
,c>d 7,=m ,i-#eea74  7hh7 ,a valid1     

unexpir$ =eign passport ) a valid       
,arrival_/,dep>ture ,record 7,=m ,i-#id7
 or nonimmigrant visa demon/rat+ lawful 
admission & lawful pres5ce4  7ii7 ,a    
,social ,security ,adm9i/ration         
pro(-(-e>n+s c>d or /atem5t1 pres5t$ ) a
 valid driv]'s lic5se or id5tification  
c>d issu$ by a ,/ate reg>dless ( :e!r   
su* lic5se or c>d 0 issu$ 9 accordance )
 section #bjb ( ! ,,real ,,id ,act (    
#bjje 7division ,b ( ,public ,law       
#aji-ac2 #di ,u4,s4,c4 #cjcja note74    
7jj7 ,a valid id5tification c>d issu$ by
 ! ,dep>tm5t ( ,def5se to a memb] ( !   
uni=m$ s]vices or to a dep5d5t ( su* a  
memb]4  7kk7 ,any o!r docum5t det]m9$ by
 ! ,secret>y ( ,homel& ,security1 by    
regulation1 to be suffici5t evid5ce (   
,unit$ ,/ates citiz5%ip or lawful       
pres5ce4  7,,ii7 ,au?oriz$ us]s ,any    
individual :o does n ma9ta9 an acc\nt at
 ! cov]$ in/itution & :o is add$ z a    
jo9t hold] or au?oriz$ sign] on an      
acc\nt at su* in/itution aft] ! date    
describ$ 9 subclause 7,i7 %all be       

subject to ! v]ification requirem5ts ( t
 subclause4  7ii7 ,exception ,clause 7i7
 %all n apply to an individual :o       
ma9ta9s an acc\nt1 be=e ! date describ$ 
9 t clause1 at ! same cov]$ in/itution !
 individual seeks to op5 an acc\nt4     
7,c7 ,individuals ) limit$ p]iod (      
au?oriz$ /ay  7i7 ,docum5tation (       
au?oriz$ /ay ,any cov]$ individual ^:   
p]iod ( au?oriz$ /ay 9 ! ,unit$ ,/ates  
is tempor>y1 z ( ! date on :i* !        
individual op5s an acc\nt at a cov]$    
in/itution1 %all provide ! cov]$        
in/itution ) a c]tification1 on a =m    
prescrib$ by ! ,secret>y ( ! ,treasury1 
t-- 7,i7 id5tifies ! expiration date (  
su* au?oriz$ /ay2  7,,ii7 describes !   
basis = su* /ay2 &  7,,iii7 is model$   
aft] ! c]tification requirem5ts         
applicable to nonresid5t ali5s "u *apt] 
#c ( ! ,int]nal ,rev5ue ,code ( #aihf4  
7ii7 ,grace p]iod & acc\nt closure  7,i7
 ,9 g5]al ,except z provid$ 9 subclause 
7,,iii71 beg9n+ on ! la/ day ( ! p]iod (
 au?oriz$ /ay ( a cov]$ individual      

describ$ 9 clause 7i77,i71 ! cov]$      
individual %all reta9 full access to !  
acc\nt = a p]iod ( #cj days1 aft] :i*1  
if ! cov]$ individual has n provid$     
updat$ docum5tation ( lawful pres5ce1 ! 
cov]$ in/itution %all re/rict           
transactions involv+ ! acc\nt ( ! cov]$ 
individual = a p]iod ( #fj days 9       
accordance ) subclause 7,,ii74  7,,ii7  
,transaction limitations ,dur+ !        
#fj-;day p]iod describ$ 9 subclause     
7,i71 ! cov]$ in/itution %all-- 7aa7    
p]mit incom+ deposits1 direct deposits1 
& o!r cr$its to ! acc\nt2 &  7bb7       
prohibit all )drawals1 outgo+ transf]s1 
debit or cr$it c>d transactions1 & wire 
transf]s4  7,,iii7 ,full access ,if !   
cov]$ individual provides updat$        
docum5tation ( lawful pres5ce dur+ !    
#cj-;day or #fj-;day p]iod describ$ 9   
subclause 7,i7 9 accordance ) clause    
7i71 ! cov]$ in/itution %all re/ore full
 access to ! acc\nt ( ! cov]$           
individual4  7iii7 ,acc\nt closure ,if !
 cov]$ individual does n provide updat$ 

docum5tation ( lawful pres5ce be=e ! end
 ( ! #fj-;day re/rict$ p]iod describ$ 9 
clause 7ii77,i71 ! cov]$ in/itution %all
 close ! acc\nt 9 accordance )          
regulations promulgat$ "u p>agraph 7#d74
  7iv7 ,acc\nts op5$ by legal entities  
,! requirem5ts ( ?is p>agraph %all n    
apply to acc\nts op5$ by legal entities4
  7#c7 ,froz5 or clos$ acc\nt proc$ures 
7,a7 ,9 g5]al ,except z provid$ 9       
p>agraph 7#b77;,c71 a cov]$ in/itution  
%all freeze or close ! acc\nt ( any     
cov]$ individual :o is n lawfully pres5t
 9 ! ,unit$ ,/ates or :o is o!rwise     
det]m9$ to be ineligible "u ?is         
subsection4  7,b7 ,applicability ,any   
applicable provision ( law 7includ+     
regulations7 reg>d+ ! closure ( an      
acc\nt %all apply to an acc\nt froz5 "u 
?is p>agraph4  7#d7 ,p5alty  7,a7 ,9    
g5]al ,except z provid$ 9 subp>agraph   
7,b71 any cov]$ in/itution t violates   
?is subsection %all be subject to a     
civil p5alty4  7,b7 ,safe h>bors ,no    
cov]$ in/itution may be subject a civil 

p5alty = a violation ( ?is subsection if
 ! cov]$ in/itution-- 7i7 makes a       
good-fai? ef=t to comply ) ?is          
subsection1 & ! regulations promulgat$  
"u ?is subsection2  7ii7 accepts any    
docum5t li/$ 9 subp>agraph 7,b77i77,i7 &
 relies on su* docum5t1 includ+ 9 any   
good-fai? closure or freez+ ( an acc\nt 
"u p>agraph 7#c72 or  7iii7 accepts a   
driv]'s lic5se or id5tification c>d     
issu$ by a ,/ate t requires pro( (      
lawful pres5ce or ,unit$ ,/ates         
citiz5%ip z a condition = issuance4     
7#e7 ,en=cem5t  7,a7 ,9 g5]al ,except z 
provid$ 9 subp>agraph 7,b71 ! ,secret>y 
( ! ,treasury1 act+ ?r\gh ! ,director ( 
! ,f9ancial ,crimes ,en=cem5t ,network1 
%all en=ce ! provisions ( ?is           
subsection4  7,b7 ,insur$ cr$it unions  
,) respect to insur$ cr$it unions1 !    
,secret>y ( ! ,treasury %all coord9ate  
en=cem5t ) ! ,national ,cr$it ,union    
,adm9i/ration4  7#f7 ,rulemak+  7,a7    
,int]im guidance  7i7 ,9 g5]al ,n lat]  
?an #cj days aft] ! date ( enactm5t (   

?is subsection1 ! ,secret>y ( !         
,treasury %all issue int]im guidance    
c>ry+ out ?is subsection4  7ii7 ,=ce &  
effect ,! int]im guidance issu$ "u ?is  
subp>agraph %all h ! =ce & effect ( a   
rule promulgat$ "u section #eec ( title 
#e until sup]s$$ by f9al regulations "u 
subp>agraph 7,b74  7iii7                
,inapplicability ,*apt] #ce ( title #dd 
%all n apply to any collection (        
in=mation requir$ "u ! int]im guidance  
issu$ "u ?is subp>agraph4  7,b7 ,f9al   
regulations ,n lat] ?an #ij days aft] ! 
date ( enactm5t ( ?is subsection1 !     
,secret>y ( ! ,treasury %all promulgate 
f9al regulations c>ry+ out ?is          
subsection1 includ+-- 7i7 ! proc$ures & 
tim+ = freez+ & clos+ acc\nts2  7ii7 !  
notice requirem5ts applicable to acc\nt 
hold]s2  7iii7 ! h&l+ ( di/ributions or 
transf]s direct$ to froz5 or clos$      
acc\nts1 includ+ proc$ures = r$irect+   
incom+ paym5ts2 &  7iv7 ! disbursem5t or
 transf] ( rema9+ balances to ano!r     
f9ancial in/itution or =eign f9ancial   

in/itution designat$ by ! individual4   
7#g7 ,applicability ,no?+ 9 ?is         
subsection %all apply to1 re/rict1 or   
impose any additional v]ification       
requirem5ts on-- 7,a7 acc\nts held by   
nonresid5t ali5s 7z def9$ 9 section     
#ggja7;b77#a77;,b7 ( ! ,int]nal ,rev5ue 
,code ( #aihf7 :o are n physically      
pres5t 9 ! ,unit$ ,/ates2  7,b7 acc\nts 
ma9ta9$ by =eign p]sons1 =eign          
corporations1 =eign gov]nm5ts1 or o!r   
=eign entities n resid5t or physically  
pres5t 9 ! ,unit$ ,/ates2  7,c7 deposits
 or acc\nts at bran*es or ag5cies (     
=eign banks 9 ! ,unit$ ,/ates1 to !     
ext5t attributable to non-resid5t or    
=eign s\rces2  7,d7 any o!r =eign       
capital infl[s1 correspond5t acc\nts1 or
 int]national bank+ liabilities to =eign
 resid5ts1 z report$ "u ! ,treasury     
,int]national ,capital sy/em or simil>  
frameworks4  7#h7 ,effect on ,/ate law  
,! provisions ( ?is section %all sup]s$e
 any provisions ( ! law ( any ,/ate     
relat+ to ! v]ification ( ! lawful      

resid5cy ( cov]$ individuals by f9ancial
 in/itutions *>t]$1 lic5s$1 or op]at+ 9 
! ,unit$ ,/ates4  4  #c4 ,limitation on 
crim9al p5alties ,section #ecbb ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
add+ at ! end ! foll[+3  7f7 7#a7 ,9 ?is
 subsection-- 7,a7 ! t]m active acc\nt--
 7i7 means an acc\nt ) :i* an individual
 may conduct transactions2 &  7ii7 does 
n include an acc\nt t has be5 re/rict$  
or froz5 "u section #ecah7r72 &  7,b7 ! 
t]ms cov]$ in/itution1 lawfully pres5t1 
& p]iod ( au?oriz$ /ay h ! mean+s giv5 !
 t]ms 9 section #ecah7r74  7#b7 7,a7    
,except z provid$ 9 subp>agraph 7,b71   
,any individual :o is n lawfully pres5t 
9 ! ,unit$ ,/ates1 or ^: removal has be5
 ord]$ "u *apt] #d ( title ,,ii ( !     
,immigration & ,nationality ,act 7#h    
,u4,s4,c4 #abba et seq471 & :o op5s or  
ma9ta9s an active acc\nt at a cov]$     
in/itution1 %all be f9$ n m ?an         
#a1jjj1jjj1 imprison$ = n m ?an #a ye>1 
or bo?4 ,?is p>agraph does n apply to   
any individual ^: p]iod ( au?oriz$ /ay  

expir$ )9 ! prec$+ #ij days1 or :o has  
fil$ an application = asylum "u section 
#bjh ( ! ,immigration & ,nationality    
,act 7#h ,u4,s4,c4 #aaeh7 t has n be5   
f9ally adjudicat$4  7,b7 ,subp>agraph   
7,a7 %all n apply to any individual--   
7i7 ^: p]iod ( au?oriz$ /ay expir$ )9 ! 
prec$+ #ij days2 or  7ii7 :o has fil$ an
 application = asylum "u section #bjh ( 
! ,immigration & ,nationality ,act 7#h  
,u4,s4,c4 #aaeh7 t has n be5 f9ally     
adjudicat$4  7#c7 ,any individual :o is 
n lawfully pres5t 9 ! ,unit$ ,/ates1 or 
^: removal has be5 ord]$ "u *apt] #d (  
title ,,ii ( ! ,immigration &           
,nationality ,act 7#h ,u4,s4,c4 #abba et
 seq471 & :o op5s or ma9ta9s an acc\nt  
at a cov]$ in/itution ?r\gh a legal     
entity1 or :o directs ano!r p]son to d s
 on ! behalf ( ! individual1 %all be f9$
 n m ?an #a1jjj1jjj1 imprison$ = n m ?an
 #a ye>1 or bo?4  7#d7 ,not)/&+         
subsections 7a7 & 7b71 no p]son %all be 
subject to crim9al p5alties "u ?is      
section solely = a violation ( section  

#ecah7r74  7#e7 ,no?+ 9 ?is subsection  
%all be con/ru$ to limit crim9al        
liability = any crim9al violation (     
,f$]al law aris+ indep5d5tly ( a        
violation ( section #ecah7r74  4