Trump Order Targets Illegal Money Moves in Banking
Published Date: 5/22/2026
Presidential Document
Summary
This order makes sure banks and financial companies keep America safe by stopping illegal money moves and risky loans, especially involving people here without legal permission. It cracks down on shady cross-border transfers linked to crime and requires stronger ID checks starting now. These changes protect our money system and could affect how loans and services are given, helping keep our economy strong and secure.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 4 costs, 1 mixed.
Treasury advisory listing red flags
Within 60 days of May 19, 2026, the Secretary of the Treasury must issue an advisory to financial institutions listing specific red flags and suspicious-activity typologies. The advisory will cover items such as payroll tax evasion patterns, use of foreign identity documents or nominee accounts, unregistered money services businesses or third-party payment processors, repetitive sub-threshold cash structuring tied to payroll cycles, indicators of labor trafficking, and the use of Individual Taxpayer Identification Numbers (ITINs) when lawful immigration or work authorization is not verified.
Stronger customer due diligence rules proposed
Within 90 days of May 19, 2026, the Secretary of the Treasury, consulting with federal financial regulators, must propose changes to Bank Secrecy Act implementing regulations to strengthen risk-based customer due diligence. Proposed changes would require institutions to collect and verify enough identity information to identify nominal and beneficial owners, and to have authority to obtain additional information, including whether account holders possess lawful immigration status and employment authorization, when relevant to assessing illicit-finance or fraud risk.
Ability-to-repay may include deportation risk
Within 60 days of May 19, 2026, the Consumer Financial Protection Bureau shall consider clarifying that potential deportation and loss of wages may be factors that adversely affect a non-work-authorized borrower's ability to repay under the ability-to-repay rules in 12 CFR Part 1026. Lenders may consider such factors as part of a reasonable and good-faith underwriting determination for mortgages, auto loans, credit cards, and other consumer credit.
Regulators to issue credit-risk guidance
Within 60 days of May 19, 2026, each appropriate Federal functional financial regulator must issue guidance on managing potential credit risks posed by the non-work-authorized population. This guidance is intended to inform how supervised lenders identify and manage those risks.
Review of ID program rules for consular cards
Within 180 days of May 19, 2026, the Secretary of the Treasury and the federal banking regulators shall consider changes to Bank Secrecy Act customer identification program rules to address risks posed by foreign consular identification cards. Regulators are to account for those risks when considering updates to identification requirements.
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