Regulatory AlertsSR 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 from the Customer Identification Program Rule requirement for banks to obtain Taxpayer Identification Number information directly from customers. This exemption allows Federal Reserve-supervised banks to optionally use alternative methods to collect TIN data from third-party sources while maintaining risk-based verification procedures. The agencies determined that this change is consistent with safe and sound banking practices and does not increase illicit finance risks.
Share