US Executive Order “Restoring Integrity” tightens banking oversight by strengthening due diligence, identity checks, and credit risk controls to crack down on ML, fraud, and illicit cross-border finance

It requires the Treasury Department and regulators to issue guidance and strengthen Bank Secrecy Act (BSA) rules on customer due diligence, beneficial ownership verification, and transaction monitoring, with a focus on detecting fraud, money laundering, and abuse of financial services through shell structures, identity misuse, and informal payment channels. It also highlights risks linked to cross-border illicit finance, including cartel activity, human trafficking, and large-scale money laundering networks, and instructs regulators to enhance red-flag frameworks and reporting standards…