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Are we required to update drivers licenses?

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Do we have to update our customer’s profile? Drivers license information?

There is no specific requirement to update drivers licenses but regulators often look for it. Covered financial institutions must establish policies, procedures, and processes for determining whether and when, on the basis of risk, to update customer information to ensure that customer information is current and accurate. Information collected throughout the relationship is critical in understanding the customer’s transactions in order to assist the financial institution in determining when transactions are potentially suspicious.


Learn more about Deborah Crawford’s webinar

New Guidance on Customer Due Diligence Requirements

First published on 08/23/2020

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