Regulatory Alerts2025-08-15 | SR 25-2SR 25-2: Order Granting an Exemption from the Customer Identification Program Rule Requirement Related to a Bank Obtaining Taxpayer Identification Number Information from the Customer
The Board of Governors of the Federal Reserve System and FinCEN issued an order granting an exemption to Federal Reserve-supervised banks from the Customer Identification Program Rule requirement to obtain Taxpayer Identification Number information directly from customers. This exemption allows banks to optionally use alternative third-party collection methods for TIN information, provided they maintain risk-based written procedures to verify customer identity. The agencies determined that the direct collection of TINs is less critical for identification purposes given modern verification methods and that the exemption poses no heightened illicit finance risk.
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