FinCEN Warns Financial Institutions About Illicit Employment Schemes

The Financial Crimes Enforcement Network (FinCEN) has released an advisory for financial institutions regarding illicit activities linked to the unlawful employment of undocumented individuals. The alert details various schemes that exploit non-work authorized populations, resulting in issues such as unfair business competition, wage suppression, identity theft, and tax evasion. FinCEN also noted that funds from such activities could support transnational criminal organizations.