FinCEN Lets Banks Collect Customer Tax Info From Third Parties

Financial institutions may rely on third parties for Social Security, Taxpayer Identification Numbers

Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial Crimes Enforcement Network (FinCEN). The Customer Identification Program  Rule (“CIP rule”) implements part of the USA PATRIOT Act.... Continue Reading

FinCEN Lets Banks Collect Customer Tax Info From Third Parties

The Treasury Department has debuted rule changes designed to help banks maintain compliance. [contact-form-7] The department’s Financial Crimes Enforcement Network (FinCEN) issued an order Friday (June 27) that allows banks to collect tax identification number (TIN) information from a third party rather than from the financial institution’s customer.  “We recognize that the way customers interact with banks and receive financial service…