FinCEN and the staffs of the Fed, FDIC, OCC, and NCUA, have jointly issued two FAQs addressing the use of verifiable digital credentials (VDCs), including state-issued mobile driver’s licenses (mDLs), to verify customer identities under the Customer Identification Program (CIP) Rule.

The principal clarification is that an unexpired, government-issued VDC, such as an mDL, may qualify as “government-issued identification” for purposes of the CIP Rule, provided that the VDC evidences nationality or residence and bears a photograph, the institution has the technology or systems necessary to extract the appropriate information, and the institution’s CIP permits its use.… Continue Reading