FATF Guidance on Digital Identity - in Brief

The Financial Action Task Force (FATF)

MAR. 06, 2020

This guidance is technology-neutral, and has benefitted from a public consultation with the private
sector

Reliable digital ID can make it easier, cheaper and more secure to identify individuals in the financial sector. It can also help with transaction monitoring requirements and minimise weaknesses in human control measures.

Digital ID systems are evolving rapidly. To determine whether a digital ID is suitable, governments, financial institutions and other stakeholders should:

Understand the assurance levels of the digital ID system’s technology, architecture and governance
Given its assurance levels, determine whether it is appropriately reliable, independent in light of potential risks that it is used to facilitate illicit finance
With 1.7 billion unbanked adults worldwide and 26% of them citing lack of documentation as the primary barrier, digital ID offers another important benefit. A robust digital ID can allow individuals without a traditional identification to nonetheless have a robust form of identification to access financial services and improve financial inclusion.

This guidance is technology-neutral, and has benefitted from a public consultation with the private sector.

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