Treasury Secretary Bessent Announces Crackdown on Undocumented Immigrants' Use of U.S. Financial System
Treasury Secretary Scott Bessent has announced that the Trump administration is intensifying efforts to prevent undocumented immigrants from exploiting the U.S. financial system. Speaking to bankers in Arizona, Bessent emphasized the administration's commitment to curbing financial fraud and illicit activities linked to unauthorized employment. This initiative follows an executive order signed by President Trump in May, titled 'Restoring Integrity to America's Financial System,' which mandates federal agencies to enhance oversight of financial activities associated with undocumented workers. The order outlines a timeline for implementing new regulations, including advisories and guidance within 60 days, a proposed customer due-diligence rule within 90 days, and a customer identification proposal by November. Bessent highlighted the role of banks in identifying and reporting suspicious activities, while the Treasury Department aims to provide better tools for fraud detection. 
