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In this Epoch Times article, Aldgra Fredly reports that President Trump signed an executive order directing federal officials and banks to scrutinize financial risks tied to illegal immigration, payroll fraud, and questionable access to credit.
- Trump’s May 19 order directs Treasury Secretary Scott Bessent to issue guidance to banks on financial risks linked to people living in the United States illegally.
- The order tells banks to watch for red flags connected to payroll tax evasion, off-the-books wages, hidden account ownership, labor trafficking, and similar activity.
- It also urges banks to consider credit risks when offering mortgages, auto loans, credit cards, and other consumer lending products to illegal immigrants.
- The White House argues that lending to people without legal work authorization creates repayment risks, especially if deportation or lost wages make borrowers unable to pay.
- Treasury is expected to issue a formal advisory within 60 days, while regulators are directed to consider Bank Secrecy Act rule changes within 90 days.
- The administration also wants customer due-diligence rules strengthened so banks can obtain more information when financial or immigration-related risk factors are present.
- Critics are likely to frame the move as another immigration crackdown, but the administration is presenting it as a financial-system integrity and anti-fraud measure.
- The order appears narrower than earlier reports suggesting banks could be required to collect citizenship information from all customers.
Read the full story: https://www.theepochtimes.com/us/trump-order-increases-scrutiny-of-illegal-migrants-banking-activity-6029631?utm_source=partner&utm_campaign=TheLibertyDaily
