President Donald Trump is introducing new measures aimed at limiting non-citizens\u2019 access to parts of the U.S. financial system as part of a wider immigration crackdown.<\/p>\n
Under the new order, the Treasury Department and federal regulators will give banks updated guidance to identify suspicious financial activity tied to risks like money laundering, terrorism financing, labor trafficking, and hidden wage payments.<\/p>\n
The policy also raises concerns about the use of foreign consular IDs and ITINs instead of Social Security numbers in banking transactions. Officials say the changes are meant to protect the integrity of the U.S. financial system and strengthen customer identification rules.<\/p>\n
Critics argue the measures could make banking and financial services even harder to access for immigrants, especially undocumented individuals who rely on ITINs to pay taxes and open accounts legally.<\/p>\n
The White House defended the move, saying it will crack down on fraud, illegal lending practices, and criminal networks while restoring stronger underwriting standards for American consumers.<\/p>\n
The administration also directed regulators to explore new rules allowing banks to collect more customer information, including immigration status and work authorization.<\/p>\n
At the same time, the White House continues supporting deregulation in other financial sectors, including cryptocurrency, with Trump promoting plans to make the U.S. a global crypto leader.<\/p>\n","protected":false},"excerpt":{"rendered":"
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