SentiLink to FinCEN: Modernize CIP Rules to Address Changing Threats

SentiLink submitted a comment to FinCEN's Request for Information related to the Bank Secrecy Act Regulations and Guidance.

The risk to financial institutions of all sizes and charter types from identity fraud - financial, reputational and regulatory - exists across the spectrum of financial products and services. Further, insufficient identity verification programs can lead to certain segments of the population - particularly those with thin or no credit histories, such as new entrants to the workforce or recent immigrants - having a harder time accessing the financial products they need. As the financial industry moves to more digital-first or digital-only customer experiences, these risks will expand.

Read the entire comment here.