THE DEVELOPMENT OF DIGITAL IDs OFFERS EXPANSION OF EFFECTIVE AML/CFT KYC CHECKS
March 1st, 2021
The development of trusted digital identity systems, now being rolled out internationally, will strengthen anti-money laundering and counter terrorist financing (AML/CTF) controls, the Financial Action Task Force (FATF) and AML technology vendors have argued.
Global AML body FATF is encouraging AML/CFT authorities to consider using regulatory ‘sandboxes’ to test how digital ID systems might interact with national AML/CFT laws and regulations.
FATF guidance on digital ID published last March (2020) (1) noted that internationally, digital payments are growing ...
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