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June 5, 2026
Treasury Issues Advisory to Banks on Illegal Immigration Ties
- The Financial Crimes Enforcement Network advised banks to identify payroll fraud and money laundering related to unauthorized workers.
- This follows President Trump's executive order requiring banks to scrutinize customer citizenship status more closely.
- The advisory lists specific 'red flags' for banks to monitor, but does not mandate citizenship verification.
2 Sources
- Trump administration asks banks to monitor employers paying unlawful workersJun 5, 2026 at 2:49 PM · Reuters
- Treasury warns banks of 'red flags' tied to customers in the US illegallyJun 5, 2026 at 2:53 PM · Independent