Trump administration asks banks to monitor employers paying unlawful workers
WASHINGTON, June 5 (Reuters) – The U.S. Treasury Department called on U.S. banks on Friday to detect and report identity theft, payroll fraud and other illegal activity linked to people who are not authorized to work in the United States, after President Donald Trump last month ordered financial institutions to step up scrutiny of the banking activities of noncitizens.
• A Treasury advisory lists 18 red flag indicators intended to identify “suspicious activity linked to fraudulent schemes involving the illegal employment of illegal aliens.”
• Treasury warns of labor brokers and complicit employer schemes, particularly in the agriculture, construction, domestic services and hospitality industries
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• Regulators urge banks to review Individual Taxpayer Identification Numbers (ITINs)
• Advisories issued by the Treasury Financial Crimes Enforcement Network (FinCEN), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration in coordination with the Internal Revenue Service.
(Reporting by Susan Heavey, Editing by William Maclean)
