This bill, known as the "Alien Banking Act," proposes significant amendments to section 5318 of title 31, United States Code, requiring individuals opening deposit accounts to attest, under penalty of perjury , to their lawful presence in the United States. This attestation would involve indicating whether the individual is a U.S. citizen, a lawful permanent resident, or otherwise lawfully present, as defined by the Secretary of Homeland Security. Financial institutions would be prohibited from opening or maintaining accounts for those who fail to provide this required attestation. The legislation establishes severe penalties for individuals who knowingly make false attestations, including a civil penalty between $10,000 and $50,000, and a criminal penalty of up to 5 years imprisonment and a fine not exceeding $250,000. Additionally, the bill introduces asset forfeiture provisions, allowing for the seizure of funds in accounts linked to false attestations. Financial institutions would also be required to report suspected false attestations to federal authorities. The Secretary of the Treasury, in consultation with other agencies, would issue regulations within 180 days to implement these changes, which are set to take effect one year after the Act's enactment.