WASHINGTON--Updated frequently asked questions (FAQs) released by the Treasury’s Financial Crimes Enforcement Network (FinCEN) and financial regulators Tuesday address the use of state-issued mobile driver’s licenses and other government-issued verifiable digital credentials. These may be used to verify the identities of natural person customers under the Customer Identification Program (CIP) Rule, ACU noted.
The guidance is intended to better reflect how credit unions and other financial institutions open accounts and digitally verify identities digitally. It provides specifics on what a verifiable digital credential is, and how those credentials can be used to verify a consumer’s identity, ACU said.
The FAQs do not change existing Bank Secrecy Act BSA/CIP requirements or create new supervisory expectations, ACU added.
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