US Treasury Warns Banks Over Illegal Migrants’ Use of Financial System

DID Press: Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury, has issued a new alert urging U.S. financial institutions to heighten scrutiny of cross-border money transfers involving individuals without legal immigration status.

Under the alert, money services businesses (MSBs) must report any suspicious transactions of $2,000 or more — including transfers linked to unlawful employment or funds suspected to be illegally obtained — as part of efforts to prevent exploitation of the U.S. financial system.

The move aligns with the U.S. government’s broader drive to curb illicit finance, money-laundering and abuse of financial channels.