Restoring Integrity to America’s Financial System

The order directs federal agencies to strengthen customer identification, enhanced due diligence, and risk-based controls at banks and other financial institutions to prevent cross-border illicit finance and money laundering, citing analyses of large-scale laundering and specific vulnerabilities such as low-dollar transfer hubs and over $312 billion laundered through U.S.-based accounts. It also directs agencies to address credit-risk practices by limiting or tightening lending standards for mortgages, auto loans, credit cards, and other consumer credit to inadmissible or removable aliens and to mitigate risks from employer misreporting or use of invalid tax and Social Security numbers.