00:00The Treasury Department has issued new guidance urging banks to identify potential financial crimes
00:06connected to unauthorized employment and immigration-related fraud schemes.
00:10The advisory follows a recent executive order directing federal agencies to increase scrutiny
00:16of how financial services may be used by individuals living in the country illegally.
00:22Officials say the guidance is aimed at combating identity theft, payroll tax fraud,
00:27money laundering, and other forms of financial abuse.
00:30While banking groups successfully pushed back against proposals that would require institutions
00:35to routinely collect citizenship information from customers.
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