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WSBI-ESBG contributes to FATF Guidance document on digital identity

WSBI-ESBG contributes to FATF Guidance document on digital identity



​​Both associations see a welcome opportunity to comment

>> See WSBI-ESBG full response


BRUSSELS, 4 December 2019 – WSBI-ESBG participated recently in the private sector consultation of the Financial Action Task Force (FATF) before finalising the guidance to clarify how digital identity (digital ID) systems can be used for customer due diligence (CDD).

By taking part, the two associations see a welcome opportunity  to comment on the FATF Guidance on Digital Identity and contribute to the consultation process. Now in development, the guidance explains how, in a digital finance and digital ID context, effective authentication of customer identity for authorising account access supports AML/CFT efforts. The draft guidance intends to help governments, financial institutions and other relevant entities apply a risk-based approach to the use of digital ID for CDD.

WSBI-ESBG acknowledges the evolution on digital ID assurance frameworks and technical standards, and the different developments of banking institutions on how they use these tools for assessing the reliability and independence of digital ID systems for AML/CFT purposes. 

As part of the consultation process with TAFT, the joint office of both trade bodies of savings and retail banks shared with the FATF its members’ comments on the task force’s Guidance on Digital Identity. WSBI-ESBG included its position paper along the marked up guidance.  

The FATF will make further amendments at its February 2020 meetings and we will keep you updated on any further development. 




European Institutions; European Supervisory Authorities (EBA-ESMA); Digitalisation