Banks are encouraged to help fight fraud perpetrated by illegal immigration in the U.S.
Treasury Secretary Scott Bessent is implementing President Trump’s executive order regarding the role of banks in enforcing U.S. immigration laws. The president directed the Treasury Department and other federal branches to increase oversight regarding financial fraud and abuse. This included safeguarding against illicit activity and “unlawful conduct among unauthorized work populations.”
Secretary Bessent said, “In June, Treasury’s Financial Crimes Enforcement Network issued an advisory to help institutions identify schemes involving unlawful employment, labor brokers, shell companies, payroll tax evasion, identity theft, and other forms of financial exploitation.”
“In recent weeks, the Office of the Comptroller of the Currency reinforced that work with new guidance on lending to borrowers who are not legally authorized to work in the United States,” the treasury secretary. “OCC’s guidance advises financial institutions to identify, measure, monitor, and control credit risks through safe and sound underwriting practices that assess a borrower’s willingness and capacity to repay.”
Secretary Bessent urged banks to “know your customers, identify risks as they arise, and report suspicious patterns before they metastasize into criminal schemes.”
The secretary stated, “This administration will not tolerate blatant abuse of our financial system, nor will it permit risks posed by the extension of financial services to illegal aliens.“
As the Lord Leads, Pray with Us…
- For Secretary Bessent as he provides guidance to banks and urges vigilance to prevent the opening of unlawful bank accounts.
- For U.S. financial officials as they seek to implement the president’s order to safeguard against criminal financial schemes.
Sources: MSN, Treasury Department, Washington Examiners
