FinCEN verifiable digital credentials: mDLs under the CIP Rule
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On 8 September 2026, FinCEN and staff from four federal banking agencies clarified that banks and credit unions may, but are not required to, treat unexpired government-issued verifiable digital credentials such as state mobile driver’s licenses as documentary identification under the Customer Identification Program Rule. Acceptance depends on an institution’s written CIP allowing the credential and its ability to extract the necessary information, while private-sector credentials remain non-documentary methods whose issuer authentication must meet the bank’s standards. The guidance does not alter existing Bank Secrecy Act requirements, supervisory expectations, or the text of 31 CFR 1020.220, and it applies specifically to banks and credit unions rather than other regulated financial sectors. Institutions using mobile licenses must still assess fraud indicators, retain required identity-verification records, provide alternatives for customers without digital credentials, and separately collect taxpayer identification numbers, which state-issued mobile driver’s licenses generally do not contain. The FAQs leave implementation details unresolved, including digital-signature validation and recordkeeping practices, placing the ultimate reasonable-belief and compliance decisions with each institution.
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