US Treasury Expands Bank Data-Sharing to Support Immigration Enforcement Efforts
The US Treasury Department has issued new guidance encouraging banks to share information more rapidly about customers suspected of lacking legal immigration status, as part of President Trump's immigration enforcement efforts. Framed as a crackdown on fraud and crime, these measures expand existing anti-money laundering protocols without explicitly requiring banks to collect citizenship data. Treasury Secretary Scott Bessent emphasized the role of banks in combating financial crimes and labor exploitation, following an executive order directing closer scrutiny of customer citizenship.