U.S. President Donald Trump signed an executive order on Tuesday aimed at preventing illicit activity in the U.S. financial system, the White House said.
The order directs the Treasury Secretary to issue a formal advisory to financial institutions. It identifies red flags for payroll tax evasion, concealment of account ownership, and labor trafficking, among others.
The order also proposes changes to Bank Secrecy Act regulations to strengthen customer due diligence requirements and the authority to obtain additional information when warranted.
Trump also signed another executive order to streamline regulations and promote collaboration between fintech firms, federally regulated financial institutions, and federal financial regulators.
