WASHINGTON, June 5 (Reuters) – The U.S. Department of the Treasury on Friday called on U.S. banks to detect and report identity theft, payroll fraud and other illicit activities tied to people not authorized to work in the United States, following President Donald Trump’s executive order last month directing financial institutions to increase their scrutiny of non-citizens’ banking activities.
• A Treasury advisory lists 18 red-flag indicators aimed at identifying “suspicious activity connected to fraud schemes involving the unlawful employment of unlawful aliens”
• Treasury warns of labor brokers, complicit employer schemes, particularly in agriculture, construction, domestic service and hospitality industries
• Regulators urge banks to scrutinize Individual Taxpayer Identification Numbers (ITINs)
• Advisory issued by Treasury’s Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation, 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)
