Treasury Issues Advisory to Banks on Identifying Financial Schemes Involving Illegal Immigrants
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an advisory to banks, urging them to identify and report financial schemes involving individuals living in the U.S. illegally. This advisory is part of the Trump administration's efforts to tighten immigration controls. The advisory highlights potential red flags such as identity theft, payroll tax fraud, and money laundering schemes linked to unauthorized workers. This follows an executive order signed by President Trump, directing banks to scrutinize the citizenship status of their customers. Although the order stops short of mandating banks to collect citizenship information, it encourages vigilance against illegal financial activities. The banking industry had previously lobbied against mandatory citizenship data collection, citing high costs and administrative burdens. 
