TREASURY DEPARTMENT ASKS BANKS TO TAKE ACTION AGAINST UNDOCUMENTED IMMIGRANTS APPLYING FOR LOANS Following a recent executive order signed in May, the United States Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) issued a formal notice this Friday, urging major financial institutions to closely monitor payroll schemes and loan applications associated with unauthorized workers. The directive requires commercial banks to treat a customer’s immigration status as a primary factor when evaluating potential financial risks, specifically targeting identity theft, tax fraud, and money laundering. While the White House ultimately stepped back from mandating the universal collection of citizenship data—a move heavily opposed by industry leaders who warned of widespread consumer debanking—the current guidelines still establish strict red flags for banking entities. Full article: https://www.msn.com/en-us/news/technology/treasury-department-asks-banks-to-take-action-against-undocumented-immigrants-applying-for-loans/ss-AA25026D?ocid=msedgntp&pc=HCTS&cvid=6a259166d6de420c8a26aaa089fe385a&ei=44#image=1(FXHedge)