Trump Administration's Executive Order Urges Banks to Tighten Vetting on Immigrants
President Donald Trump has issued a new executive order titled 'Restoring Integrity to America's Financial System,' which calls for banks to enhance their 'know your customer' procedures, particularly focusing on clients' immigration status. The order highlights the risks associated with extending financial services to individuals who are inadmissible or removable under U.S. immigration laws. It directs regulators to provide guidance on how banks can mitigate unlawful financial activities. The order stops short of mandating citizenship checks but still imposes new regulatory pressures on banks. The White House argues that these measures are necessary to address national security and public safety risks by curbing illicit cross-border financial activities. The banking sector has shown tacit support for the proposals, although concerns have been raised about the potential compliance burdens and the impact on consumer access to banking services. 
