Story perspectives

FinCEN Urges Banks to Flag Undocumented Payroll Tax Fraud

6/6/2026

Summary

Story summary

Financial Crimes Enforcement Network (FinCEN) issued an advisory urging banks to flag payroll-tax fraud exploiting undocumented workers.
President Donald Trump signed an order directing regulators to watch for customers lacking legal status.
Treasury Secretary Scott Bessent said the advisory will stop illegal aliens from stealing billions from taxpayers.
Banking firms, which have never collected citizenship data, lobbied to keep the advisory, which lists a dozen red-flag indicators of illegal presence.

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Story summary

Financial Crimes Enforcement Network (FinCEN) issued an advisory urging banks to flag payroll-tax fraud exploiting undocumented workers.
President Donald Trump signed an order directing regulators to watch for customers lacking legal status.
Treasury Secretary Scott Bessent said the advisory will stop illegal aliens from stealing billions from taxpayers.
Banking firms, which have never collected citizenship data, lobbied to keep the advisory, which lists a dozen red-flag indicators of illegal presence.