New Banking Guidance Could Spur Global Approach to Digital ID

March 12, 2020, 9:25 PM

U.S. and international banking regulators are likely to adopt a more uniform approach for overseeing digital identity technologies thanks to new guidance from the Financial Action Task Force.

FATF, a global standards setter, finalized first-of-its-kind guidance last week for governments and financial institutions to consider when crafting approaches to digital ID tools used for customer verification and other anti-money laundering compliance purposes.

Banks are increasingly relying on facial recognition, device identifiers, and similar means to tie humans to their digital activity and protect against fraud as more transactions are conducted electronically, forcing regulators to develop comprehensive oversight.

In the U.S., ...

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