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ARTICLE · 26 NOVEMBER 2019

FATF Releases Draft Guidance On Digital Identity

McCarthy Tétrault
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On October 31, 2019, the Financial Action Task Force ("FATF") released draft guidance on digital identity (the "FATF Guidance") for public consultation.

CanadaGovernment, Public Sector
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Arie Van Wijngaarden
Arie Van Wijngaarden
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On October 31, 2019, the Financial Action Task Force1 ("FATF") released draft guidance on digital identity (the "FATF Guidance") for public consultation. The FATF Guidance is intended to assist governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital identity ("Digital ID") systems for customer due diligence ("CDD"). The FATF Guidance details how, in a digital finance and Digital ID context, effective consumer identity authentication supports anti-money laundering ("AML") and counter financing of terrorism ("CFT") efforts. The deadline for comments on the FATF Guidance public consultation is November 29, 2019.

In Canada, the FATF Guidance comes in the context of: (i) FINTRAC's release of its updated guidance on methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation; and (ii) recent amendments to the Bank Act (and equivalent legislation

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