The Globe and Mail reports in its Thursday edition that for years global financial institutions have adhered to know-your-customer requirements designed to combat money laundering, identity theft, the funding of criminal activities and other fraudulent behaviour. The Globe's Gus Carlson writes that now, they are hearing speculation that the Trump administration is considering requiring U.S. banks verify the citizenship of account holders. On its own, it seems like a rational extension of the know-your-customer concept, but the financial services industry is worried that a customer citizenship verification requirement would make banks part of the Trump administration's hard-line illegal immigration efforts, potentially requiring them to blow the whistle on customers and have them deported. The new measure could compel banks to ask customers for a slew of never-before required documents, including passports, Green Cards, visas and other paperwork that confirm citizenship. Presumably, any new requirement would apply to foreign banks doing business in the U.S. TD, BMO, RBC and CIBC have major branch networks in the U.S. Like any foreign bank, they would presumably be required to report illegals to federal authorities.