Trump Moves to Tighten Banking Access for Non-Citizens
President Trump has signed an executive order aimed at tightening banking access for non-citizens in the U.S. The order requires banks to consider immigration status when assessing financial risk and identifies specific suspicious activities. This move is part of a broader crackdown on immigration and could hinder non-citizens' access to financial services.
- ▪The executive order is titled 'Restoring Integrity to America’s Financial System.'
- ▪It directs the Treasury Secretary and federal regulators to guide banks on identifying high-risk customers based on immigration status.
- ▪The order highlights potential risks such as money laundering and terrorism financing associated with non-citizen banking activities.
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President Donald Trump is moving to tighten access to financial systems for non-citizens in the U.S. amid his Administration’s broader crackdown on immigration.On Tuesday, Trump signed an executive order, titled “Restoring Integrity to America’s Financial System,” that would require banks to treat a customer’s immigration status as a factor in evaluating potential financial risk.The new order directs the Treasury Secretary and federal financial regulators to issue guidance to banks on identifying customers whose profiles or transactions potentially indicate risks like money laundering, terrorism financing, and labor trafficking in line with the 1970 Bank Secrecy Act.
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