FinCEN digital credential guidance leaves banks responsible for identity assurance

FinCEN published FAQs clarifying how banks and credit unions may use state-issued mobile driver's licenses and verifiable digital credentials for customer identification. Accepting a government-issued credential is permitted but not required, and banks remain responsible for assessing fraud risk and confirming customer identity.

• FinCEN permits but does not require banks to accept digital credentials
• Government-issued digital ID is not self-authenticating for compliance
• Banks remain responsible for identity assurance and fraud checks
• NIST NCCoE released draft mDL practice guidelines for banks