Regulators Make It Easier to ID Customers Digitally

Marc-Alain Galeazzi was interviewed by Polo Rocha at FinXTech to discuss updates in banking regulations from the Treasury Department’s Financial Crimes Enforcement Network that lets banks and credit unions collect taxpayer identification numbers (TINs), such as social security or employer identification numbers, from third parties rather than by directly asking customers when they open accounts.

Marc-Alain notes, “It’s an exercise that might not be worthwhile for smaller local or community banks.”

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