Trump tells regulators to advise banks on services to immigrants
President Trump signed an executive order directing regulators to provide guidance on banking services for undocumented migrants. The order aims to tighten access to the financial system while addressing concerns about customer identification requirements. Additionally, Trump signed another order to streamline regulations and promote innovation in financial services.
- ▪The executive order calls for changes to the Bank Secrecy Act to strengthen customer identification requirements.
- ▪It directs the Treasury secretary to issue advisories to financial institutions regarding suspicious activity patterns.
- ▪The move is less stringent than earlier proposals that required banks to collect customers' citizenship information.
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Trump tells regulators to advise banks on services to immigrantsSign up now: Get ST's newsletters delivered to your inboxUS President Donald Trump signed an order calling on the Federal Reserve to conduct a similar review and evaluate frameworks governing access to reserve bank payment accounts.PHOTO: REUTERSPublished May 20, 2026, 07:01 AMUpdated May 20, 2026, 07:01 AMWASHINGTON – US President Donald Trump signed an executive order on May 19 that directs regulators to issue guidance on banking services to undocumented migrants, in a move that could tighten access to the financial system amid the administration’s immigration crackdown.The order directs the Treasury secretary and other financial regulators to “consider changes to the Bank Secrecy Act to strengthen customer identification…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Straits Times — World.