UPDATE 1-Trump signs order aimed at preventing illicit financial activity, White House says

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.