Digital Identity In A Digital World – The FATF Guidance

Overview

The Financial Action Task Force (FATF) has published (March 2020) a guidance document on Digital Identity. At a time when many organisations are considering how best to comply with customer due diligence (CDD) requirements, with the guidance offers insight into what constitutes a digital ID system, the benefits arising and also the potential risks faced.

Digital ID systems are defined in the guidance as digital systems that are used to assert and prove a person's identity online and/or in a face to face environment. These systems can involve different operational models and may rely on various entities and types of technology, processes and architecture.

Key Components of a Digital ID System