This week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued answers to two new Frequently Asked Questions (FAQs) and updated one existing FAQ that address the use of state-issued mobile driver’s licenses (mDLs) and other government-issued verifiable digital credentials.
These may be used to verify identities of natural person customers under the Customer Identification Program (CIP) Rule.
The FAQs were issued jointly with staff from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency.
For more information, email Lisa Quaranta.
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
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