New Delhi, April 16 -- US Treasury Secretary Scott Bessent has said that a proposed executive order requiring banks to collect citizenship information from customers is "in process".

Bessent speaking with Semafor, defended the idea of expanding customer verification requirements in the banking system.

"And I don't think it's unreasonable, because why don't we have information on who's in our banking system?" he said.

"I have a place in the UK; they want to know who lives in every apartment - and how do we know that it's not part of a foreign terrorist organization?"

The draft order was first reported earlier this year and would require banks to collect additional identity documents, including proof of citizenship such as a passport, f...