Bank Secrecy Act/Anti-Money Laundering: Frequently Asked Questions Regarding Treatment of Verifiable Digital Credentials Under the Customer Identification Program Rule
Why this matters
This is a multi-agency FAQ bulletin providing authoritative clarification on how banks must treat state-issued mobile driver's licenses and other verifiable digital credentials under BSA/AML CIP requirements. It addresses a broad set of banking institutions and establishes binding interpretive guidance on an emerging compliance area. The joint issuance by OCC, FinCEN, Federal Reserve, FDIC, and NCUA signals coordinated regulatory expectation. While not a new rule, it provides concrete operational guidance that banks must follow to maintain compliance, warranting high urgency and a significance score of 4.
AI-generated classification rationale, not a full analysis. Verify with the original OCC source before acting. Full disclaimer.
What the OCC said
The Office of the Comptroller of the Currency (OCC), jointly with the Financial Crimes Enforcement Network (FinCEN), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, issued answers to frequently asked questions (FAQ) related…
Extract from OCC . Read the full notice at the source for the authoritative text.
Context
Office of the Comptroller of the Currency (OCC) — Charters and supervises US national banks and federal savings associations. We track 49 updates from them.
US financial regulation is overseen by multiple agencies including the SEC, CFTC, Federal Reserve, OCC and FDIC. Browse all United States updates.
This update is classified under AML / Financial Crime, Technology & Cyber, Banking & Credit and Payments & E-Money.