Story thread · 10 reports / 1 sources

Federal regulators say mDLs can be used for bank identity checks

biometricupdate.com · 5dShare

Banks and credit unions can use state-issued mobile driver’s licenses and other government-issued verifiable digital credentials to verify the identities of customers opening accounts, federal financial regulators said Tuesday, offering long-sought regulatory clarity on the use of digital identity in financial services. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued answers to two new Frequently Asked Questions (FAQs) and updated one existing FAQ addressing the use of state-issued mobile driver’s licenses ( mDLs ) and other government-issued verifiable digital credentials that may be used to verify the identities of customers under the Customer Identification Program (CIP) Rule. The guidance does not alter existing Bank Secrecy Act requirements or create new supervisory expectations. The new guidance resolves a fundamental question for financial institutions considering whether to build mDL acceptance into their identity verification systems by

First report: Bangladesh budgets US$748 million for One-ID digital identity project — biometricupdate.com, 8d