The President of the United States has issued an important order aimed at protecting the nation’s financial system. This order emphasizes the need to keep financial institutions safe from fraud and abuse. In recent years, my Administration has worked hard to make financial services more affordable and efficient. However, we must also be vigilant against threats that come from illegal financial activities.
Financial institutions play a key role in ensuring our safety. Without proper checks on customers, even basic services can be misused. For instance, small cross-border money transfers have been linked to serious crimes, including terrorism and human trafficking. Recent studies show that significant amounts of money, around $312 billion, have been laundered through U.S. accounts by foreign criminals, often involving illegal activities.
It’s crucial for banks to pay attention to who they are lending to. Many people who lack legal work authorization may not be able to repay loans, creating risks for the banks and for our economy. Experts say that lending to individuals who don’t have a secure source of income can lead to widespread financial instability. This not only affects the banks but also undermines trust in our financial system.
To address these issues, the Secretary of the Treasury is tasked with creating guidelines for identifying suspicious activities. This includes recognizing patterns like payroll tax evasion or using fake documents to hide the real beneficiaries of financial transactions. These guidelines aim to strengthen customer verification processes, helping to protect the integrity of our financial system.
Recent statistics show a striking rise in the number of identity fraud cases linked to lending. This highlights the need for financial institutions to adapt quickly to evolving threats. Enhanced due diligence measures are essential for keeping our economy stable and secure.
This order also instructs the Consumer Financial Protection Bureau to clarify how risks from illegal borrowers should be assessed. Taking into account the possibility of deportation and loss of income will help ensure fair lending practices.
In summary, the goal is to protect American financial institutions from risks linked to fraud and illegal activities. By implementing stronger guidelines, we aim to ensure our economy remains healthy and resilient.
For more detailed discussions on financial security and risk management, visit the [Financial Crimes Enforcement Network](https://www.fincen.gov) which provides updates and resources on safeguarding against illicit financial activities.
— Donald J. Trump
— THE WHITE HOUSE, May 19, 2026.
