Treasury warns banks of 'red flags' tied to customers in the US illegally
FinCEN said banks should watch for 18 indicators of fraud, including identity theft and payroll schemes, after $2.5 billion in suspicious activity tied to payroll fraud in 2025.
- On Friday, The Financial Crimes Enforcement Network issued an advisory directing banks to identify payroll schemes, identity theft, and money laundering tied to people living in the country illegally, marking the Trump administration's latest immigration crackdown.
- This directive follows an executive order signed by Trump in May requiring banks to scrutinize customer citizenship, directing regulators and government departments to detect signs of unauthorized individuals opening accounts or obtaining credit cards.
- Banking industry representatives successfully lobbied the White House to avoid mandatory citizenship collection, arguing it would require vast paperwork; the advisory now provides guidance rather than a mandate.
- While testifying before the Senate Finance Committee on Wednesday, Treasury Secretary Scott Bessent defended the administration's stance, stating, "This administration will not allow illegal aliens to abuse financial institutions.
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68 Articles
The Financial Crimes Control Network (FinCEN), under the U.S. Treasury Department, issued a notice to financial institutions, in particular banks, to identify and report “illegal activities” related to the employment of undocumented migrants.
NEWS HEADLINES: Treasury Tells Banks To Hunt The Cash Behind Illegal Hiring * 100PercentFedUp.com * by Donald
The President Trump administration just took its border fight straight into the banking system. On June 5, 2026, the U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network, FinCEN, issued an advisory urging financial institutions to be vigilant against the risks tied to the unlawful employment of illegal aliens. Translation for the people who pay taxes and follow the rules: the banks are now being told to watch f…
Treasury Tells Banks To Hunt The Cash Behind Illegal Hiring * 100PercentFedUp.com * by Donald
FinCEN just ordered financial institutions to flag the identity theft, payroll fraud, and dirty money tied to the unlawful employment of illegal aliens. It is the first move to put President Trump's financial-integrity order into action.
The Treasury Department's financial crime division wants banks to help identify payroll schemes linked to undocumented migrants, as part of the Trump administration's latest move against this group.The Financial Crimes Control Network—also known as FinCEN—issued a notice this Friday, June 5 to banks asking them to pay attention to identity theft, tax fraud, and money laundering schemes linked to hiring unauthorized workers.This happens after Pre…
Treasury advances immigration crackdown
The Treasury Department took its first step this morning toward implementing an executive order that drafted banks to help crack down on undocumented immigrants.The department’s illicit finance arm joined with other regulators to direct financial institutions to flag certain suspicious activity like identity theft and payroll fraud — as well as consider whether customers’ use of a taxpayer identification number, instead of a Social Security numb…
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