Corporate Law News

Treasury Pushes Banks to Craft ‘Innovative’ Customer ID Tools

Aug. 2, 2019, 8:27 PM

The Treasury Department is developing an initiative to help financial institutions create new and better ways of digitally verifying and on-boarding their customers.

Marshall Billingslea, the department’s assistant secretary for terrorist financing, said Aug. 2 that both his office and the U.S. are committed to launching the initiative and supporting banks’ "responsible use of innovative digital ID solutions.”

Billingslea delivered remarks at a transatlantic event hosted by the U.K.'s Financial Conduct Authority (FCA), which included speakers in both London and Washington. The event, dubbed a TechSprint, was designed to encourage government officials and private sector members to create new products...

To read the full article log in. To learn more about a subscription click here.