Trump unveils a new card: immigration enforcement through banks

[Financial News, New York = Reporter Lee Byung-chul]The executive branch of the United States federal government under Donald Trump has expanded its crackdown on undocumented immigrants to the financial sector. By asking banks to scrutinize customers' citizenship status and transactions linked to unlawful stay more closely, it is effectively moving to block illegal immigration through the financial system.
On the 5th local time, the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury sent an advisory to banks, asking them to pay close attention to signs of identity theft, payroll tax evasion, and money laundering tied to the employment of unauthorized workers.
The move follows an executive order issued by President Donald Trump in May directing banks to more carefully verify whether customers are U.S. citizens.
The order instructed financial regulators and government agencies to examine cases in which undocumented immigrants open bank accounts or use loan and credit card services. It also called on financial institutions to actively monitor transaction patterns suspected of being linked to undocumented immigrants.
The Treasury Department said it was asking banks for cooperation because the U.S. financial system is often used in the process of paying unauthorized workers.
In a statement, Scott Bessent, United States Secretary of the Treasury, said, "The Trump administration will not allow undocumented immigrants to exploit financial institutions and inflict tens of billions of dollars in damage on American taxpayers." He added, "Payroll systems for unauthorized workers often depend on access to the financial system, including U.S. banks," stressing the need for an active response from the financial sector.



[email protected] Reporter Lee Byung-chul Reporter