Tag: verifiable_digital_credentials
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FinCEN Issues Guidance on Using Digital Credentials for Customer Identity Verification
FinCEN and other agencies clarify that banks and credit unions can use verifiable digital credentials, like mobile driver's licenses, for customer identity verification under the CIP Rule, provided certain conditions are met.
BusinessPolitics and GovernmentScience & TechnologyFederal GovernmentBankingComputers and InternetLegal FinCENVerifiable Digital CredentialsCustomer Identification ProgramMobile Driver's LicensesIdentity VerificationFinancial InstitutionsRegulatory GuidanceFinancial Crimes Enforcement Network
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Financial Regulators Issue Guidance on Digital Credentials for Customer ID
Federal financial regulators, including the OCC and FinCEN, issued FAQs on using mobile driver's licenses and other verifiable digital credentials. This guidance clarifies their treatment under the Customer Identification Program Rule for BSA/AML compliance.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentBankingLegalEconomy OCCFinCENVerifiable Digital CredentialsMobile Driver's LicensesBank Secrecy ActAnti-Money LaunderingCustomer Identification ProgramOffice of the Comptroller of the Currency (OCC)