Trump Signs Order Aimed At Preventing Illicit Financial Activity

Advertisement In accordance with the 1970 Bank Secrecy Act, the new order mandates that the Treasury Secretary and federal financial regulators provide banks with guidance on identifying customers whose profiles or transactions may indicate risks such as money laundering, terrorism financing, and labor trafficking.

The order stated that the purpose of these modifications is to “take into account the potential threats to the integrity of the United States financial system posed by foreign consular identification cards. ”