PUBLIC CONSULTATION ON FATF DRAFT GUIDANCE ON DIGITAL IDENTITY

On 31st October, FATF advised that it is developing guidance to clarify how digital identity (digital ID) systems can be used for customer due diligence (CDD), with draft guidance intended to help governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital ID for CDD.  FATF is consulting private sector stakeholders before finalising the guidance, and is inviting comments on 4 points:

  1. Are there any specific money laundering / terrorist financing risks, that arise from the use of digital identity systems for CDD, other than those already mentioned in Section IV of the guidance?
  2. What is the role of digital ID systems in ongoing due diligence or transaction monitoring?
  3. How can digital ID systems support financial inclusion?
  4. Does the use of digital ID systems for CDD raise distinct issues for implementing the FATF record-keeping requirements?

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/consultation-digital-id-guidance.html

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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