FinCEN flags illicit employment schemes involving unauthorised workers as drivers of identity fraud, tax evasion and wider transnational crime, urging stronger AML controls by banks

It explains that illicit employment schemes can generate a wide range of financial crime risks, including identity theft, use of fraudulent or stolen documentation, payroll fraud, tax evasion, and the creation of shell or intermediary structures used to process wages and move funds through the U.S. financial system. FinCEN also warns that these activities are not isolated labour violations, but can be linked to broader transnational criminal networks…