The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a warning urging financial institutions to remain vigilant about the risks posed by the illegal employment of undocumented immigrants.

"President Trump has done more than anyone in history to secure our nation's borders. Part of that effort includes securing our financial system," said Treasury Secretary Scott Bessent.

“This administration will not allow undocumented immigrants to abuse financial institutions to steal billions of dollars from hard-working American taxpayers,” he added.

By hiring, hiding and exploiting people without work authorization, employers can gain an unfair advantage over legitimate American businesses, drive down wages, facilitate identity theft of Americans, and divert tax revenues intended for government benefit programs, according to a press release.

Schemes to pay undocumented workers often depend on access to the U.S. financial system, including U.S. banks.

Illegally earned wages can be used to finance transnational criminal organizations—several of which have been designated as Foreign Terrorist Organizations—and their global criminal enterprises, including drug trafficking, human trafficking, and other illicit activities in the United States.

This Notice supports Executive Order 14406, “Restoring the Integrity of the American Financial System,” and the Treasury Department's ongoing effort to prevent exploitation of the American financial system by undocumented immigrants in the United States.