FinCEN Permits Banks to Use Alternative Collection Method for Obtaining TIN Information

News Anti-money laundering Law & Policy Updates

Date: 27th Jun, 2025 Source: Financial Crimes Enforcement Network (FinCEN) Country: USA Original Source

Brief

"On June 27, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an update regarding FinCEN Permits Banks to Use Alternative Collection Method for Obtaining TIN Information. This order allows banks to collect Tax Identification Number (TIN) information from a third party rather than directly from customers, aiming to reduce burden and provide greater flexibility in fulfilling compliance obligations."

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Financial Crimes Enforcement Network (FinCEN)

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FinCEN Permits Banks to Use Alternative Collection Method for Obtaining TIN Information

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FinCEN Permits Banks to Use Alternative Collection Method for Obtaining TIN Information

Brief

Financial Crimes Enforcement Network (FinCEN)

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