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Treasury warns banks of ‘red flags’ tied to customers in the US illegally
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory urging banks to identify financial schemes linked to unauthorized workers, including identity theft and payroll tax fraud. The guidance follows an executive order by President Trump requiring banks to scrutinize customer citizenship status, though it stops short of making citizenship data collection mandatory.
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Adjacent reporting
- Treasury warns banks of 'red flags' tied to customers in the US illegally
- Trump orders banks to more closely examine customers’ citizenship
- Trump executive order to stop short of requiring banks to collect citizenship information
- Bessent says order requiring banks to collect citizenship information ‘in process’
- Treasury Dept. moves to crack down on illegal immigrant labor, urging banks to report ‘red flags’
- U.S. banks may soon collect citizenship data from customers