On June 27, 2025, federal agencies issued an order allowing banks and credit unions to obtain customers’ Taxpayer Identification Numbers (TINs), including Social Security Numbers (SSNs), from third-party sources instead of directly from customers during account openings. This exemption from the Customer Identification Program (CIP) Rule aims to modernize compliance with the Bank Secrecy Act while maintaining anti-money laundering safeguards. The change is optional and does not alter the requirement for risk-based procedures to verify customer identities.
