FATF Releases Guidance on Global Digital IDs as Use Cases Grow
The Financial Action Task Force (FATF) wants financial institutions to prepare for the global expansion of digital identification systems.FATF published its draft guidance on digital identity Thursday, for governments, regulated entities and other stakeholders to enforce anti-money laundering (AML) and counter financing terrorism (CFT) regulations.
The intergovernmental organization aims to address emerging security and transparency issues as the process of financial transactions become more digital, according to the guidance.