Regulatory Alerts2025-07-31
Exemption Order Related to TIN Collection and Customer Identification Program Requirements (FRB)
The Board of Governors of the Federal Reserve System, with the concurrence of FinCEN, grants an exemption allowing banks under its jurisdiction to obtain Taxpayer Identification Number information from third-party sources rather than directly from customers. This optional measure permits banks to use alternative collection methods for all accounts while maintaining compliance with Customer Identification Program requirements that ensure risk-based identity verification. The exemption addresses modern consumer privacy concerns and the prevalence of non-face-to-face banking by leveraging reliable third-party verification tools available today.
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