14:30 - 6.06.2026

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June 6, Fineko/abc.az. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, has issued a joint advisory warning financial institutions to maintain high vigilance against the unauthorized employment of illegal migrants and its associated risks to the financial system.

ABC.AZ reports that according to the advisory, released alongside the Federal Deposit Insurance Corporation (FDIC) and other regulators, certain employers are gaining an unfair competitive advantage by hiring undocumented workers, resulting in billions of dollars in lost tax revenue.

Billions in Tax Losses and Illicit Activity Risks:

• Criminal Financing: The document notes that these illicit employment schemes facilitate identity theft against US citizens, while the under-the-table proceeds risk being funneled into international criminal organizations.

• Scrutiny on ITIN Users: Banks are instructed to closely scrutinize customers utilizing an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN) or a valid work permit.

• 18 Red Flags and Suspicious Coding: To assist financial institutions in detecting illegal employment activities, the regulator provided an 18-point checklist of red-flag indicators and mandated that banks include a specific tracking code in Suspicious Activity Reports (SARs).

Aligning with the Administration's Border Policy: The crackdown aligns directly with US President Donald Trump’s broader objectives to strengthen border security and protect the integrity of the domestic financial ecosystem.

US Treasury Secretary Scott Bessent issued a stern statement on the matter:

"This administration will not allow illegal migrants to abuse our financial institutions to steal billions of dollars from hard-working American taxpayers."