Trump signs order aimed at preventing illicit financial activity, White House says

Reuters

Tue, May 19, 2026 at 5:51 PM EDT 1 min read

May 19 (Reuters) - 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.

Trump's order directs the U.S. Treasury Secretary to issue a formal advisory to financial institutions ‌identifying red flags ⁠and suspicious activity patterns tied to payroll tax evasion, ⁠concealment of true account ownership and labor trafficking, among others.

The order ​also directs ​the Treasury ​Secretary to propose ‌changes to Bank Secrecy Act regulations to strengthen customer due diligence requirements and the authority to obtain additional information when warranted, the White ‌House said in a ​statement.

Trump also signed ​an executive ​order on Tuesday to streamline ‌regulations and promote collaboration ​between ​financial technology firms, federally regulated financial institutions, and federal financial regulators, ​according ‌to the White House.

(Reporting by Ryan ​Patrick Jones, Ismail Shakil; Editing ​by Costas Pitas)