Trump’s citizenship order for banks

Trump orders banks to monitor customers’ citizenship

President Trump signed an executive order Tuesday that requires banks to more closely examine the citizenship status of its customers.

The order directs the Treasury Department to issue formal advisories to financial institutions outlining “red flags” to watch for.

Those include payroll tax evasion, attempts to conceal identity, the “strategic use” of unregistered money services businesses or third-party payment platforms, labor trafficking or forced labor and the use of individual taxpayer identification numbers to obtain credit or open accounts.

“My Administration will not tolerate national security and public safety risks caused by illicit cross-border financial activity, nor will it permit risks to our financial system posed by the extension of credit or financial services to the inadmissible and removable alien population,” the order states.

Tax experts said immigrants brought to the U.S. illegally by their parents as children, known as Deferred Action for Childhood Arrivals, or DACA, recipients, and immigrants with Temporary Protected Status would be largely affected by the planned change.

The order, however, stopped short of a controversial proposal that would have required banks to collect citizenship information.

The Trump administration floated........

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