FinCEN Asks Financial Institutions to Detect and Report Illicit Activity Related to Illegal Aliens

WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory urging financial institutions to be vigilant against risks presented by the unlawful employment of illegal aliens. “President Trump has done more than anyone in history to secure our nation’s borders. Part of that effort includes securing our financial system,” said Secretary of the Treasury Scott Bessent. “This Administration will not allow illegal aliens to abuse financial institutions to steal billions of dollars from hardworking American taxpayers.”By hiring, concealing, and exploiting non-work authorized populations, employers can gain an unfair advantage over legitimate U.S. businesses, depress wages, facilitate identity theft of Americans, and steal tax revenue meant for government benefit programs. Schemes to pay unlawful workers often rely upon access to the U.S. financial system, including U.S.