President Donald Trump signed an executive order directing financial institutions to consider immigration status when assessing financial risks under the Bank Secrecy Act. The order instructs regulators to identify indicators linked to money laundering, terrorism financing, labor trafficking, and other illicit activities, including certain uses of ITINs and foreign consular identification cards. Supporters argue the measures strengthen financial security and prevent abuse of banking systems. Critics warn the policy could make it more difficult for non-citizens, particularly undocumented immigrants, to access financial services. The order also encourages expanded customer data collection and tighter compliance requirements.
