US President Donald Trump signed a new executive order that tightens supervision over international money transfers and financial services provided to migrants without legal authorization to work in that country, a measure that could directly impact the sending remittances to Mexico and other Latin American countries.
The order, titled “Restoring integrity to the United States financial system,” was issued on May 19 and poses new obligations for banks and financial institutions, under the argument of combating illicit activities such as drug trafficking, human trafficking, money laundering and financing of terrorism.
In the document, Trump stated that his administration “will not tolerate risks to national security and public safety caused by illicit cross-border financial activity,” nor will it allow risks derived from granting credit or financial services to “inadmissible and deportable” foreign persons.
The order directs the Treasury Department and federal financial regulators to issue, within 60 days, new warnings and guidelines aimed at banks and financial entities to strengthen surveillance mechanisms on operations considered suspicious.
Among the activities that will be subject to increased supervision are low-amount cross-border transfers, the use of payment platforms between individuals, repetitive withdrawals and deposits in small amounts and operations linked to payments outside regulated systems.
Use of tax identification
One of the most sensitive points of the measure is the direct reference to the use of the ITIN, tax identification number used by thousands of undocumented migrants to open bank accounts and make money transfers. The order notes that the use of this document “may be considered a risk factor that requires enhanced due diligence,” which could lead to additional reviews, restrictions or rejection of financial operations.
In addition to monitoring remittances, The provision also contemplates a tightening of access to financial products such as mortgages, auto loans, credit cards and other consumer credit for people without work authorization in the US.
Trump argued that granting loans to migrants without legal work permission represents a risk to the stability of the US banking system due to the possibility of loss of income or deportation.
The executive order also cites investigations by the Financial Crimes Enforcement Network (FinCEN), which detected money laundering schemes linked to criminal organizations and financial networks linked to fentanyl trafficking and Mexican cartels. According to the document, Chinese citizens would have used bank accounts in the United States to launder more than US$312 billion for criminal organizations.
Mexico could be one of the countries most affected by these measures due to its high dependence on remittances sent from the US. During 2025, the Bank of Mexico reported income of more than US$64 billion for this concept, mostly coming from Mexican migrant workers.
Although the order does not prohibit the sending of remittances, It does open the possibility for US banks to increase controls, request more documentation or restrict operations of people without regularized immigration status.
Key points of the executive order
- Reinforcement of surveillance on low-amount international transfers.
- Greater supervision of payment platforms between individuals and third-party processors.
- Possibility of requesting information on the immigration status of bank clients considered at risk.
- The use of the ITIN will be considered a possible financial risk factor.
- Banks must reinforce customer identification and due diligence programs.
- The requirements for accessing mortgages, loans and credit cards for migrants without work authorization would be tightened.
- Financial authorities must issue new regulations within 60 to 90 days.
- The measure seeks to combat money laundering, drug trafficking, human trafficking and illicit financing, according to the White House.
With information from Infobae, La Prensa Gráfica and La Jornada.