Restoring Integrity to America's Financial System
What happened
Signed by Donald Trump on May 19, 2026, Executive Order 14406 directs the Secretary of the Treasury to issue an Advisory to financial institutions within 60 days regarding risks from non-work authorized populations and their employers. Within 90 days, the Secretary of the Treasury, in consultation with Federal functional financial regulators, will propose changes to Bank Secrecy Act regulations to strengthen customer due diligence, ensuring institutions collect and verify sufficient customer identity information. Changes may also consider risks posed by foreign consular identification cards.
Why it matters
This policy aims to combat national security and public safety risks caused by illicit cross-border financial activity, such as terrorist financing and human trafficking, which has involved over $312 billion laundered by criminal organizations. It also addresses structural risks in the banking system from lending to individuals who may face loss of wages due to immigration status.
Who it affects
- ›Financial institutions (banks, credit unions)
- ›Employers of non-work authorized individuals
- ›Non-work authorized individuals seeking credit/accounts
- ›People involved in illicit financial activities
- ›Federal functional financial regulators
The receipts are official. The summary is ours.
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