Trump Orders Banks to Flag ITIN Misuse and Shell Companies, Not Check Citizenship
Updated
Updated · Reuters · May 20
Trump Orders Banks to Flag ITIN Misuse and Shell Companies, Not Check Citizenship
14 articles · Updated · Reuters · May 20
Tuesday’s executive order stops short of forcing banks to collect customers’ citizenship data, instead telling Treasury to issue red-flag guidance on suspicious activity by non-citizens.
The advisory will focus on payroll tax evasion, hidden account ownership, off-the-books wage payments, labor trafficking, repetitive cash withdrawals and ITIN use without a Social Security number or work visa.
Bank executives said that narrower approach reflects industry lobbying after warnings that citizenship checks across existing accounts would be costly, disruptive and could debank millions.
The White House still wants tougher oversight, urging changes to the Bank Secrecy Act to ease access to client information and calling documents issued by foreign consulates a risk.
Could new proof-of-citizenship rules lock millions of Americans out of their own bank accounts?
With consular IDs under review, what financial future awaits immigrant families and small business owners in the U.S.?