By PAUL O’DONOGHUE, Senior Correspondent
FDIC Acting Chairman Travis Hill has called on FinCEN, the U.S. Treasury’s AML unit, to ease requirements for opening bank accounts by revising its Customer Identification Program (CIP).
Currently, banks must collect a full taxpayer identification number—usually a Social Security number (SSN)—from U.S. customers when opening accounts. Hill proposed allowing banks to collect only part of an SSN, with the rest verified through a trusted third party, such as a credit bureau.
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