Digital Identity

How can stakeholders conduct customer due diligence using digital ID systems?

Digital payments are growing at an estimated 12.7 percent annually, and are forecast to reach 726 billion transactions annually by 2020. By 2022, an estimated 60 percent of world GDP will be digitalized. For the Financial Action Task Force (FATF), the growth in digital financial transactions requires a better understanding of how individuals are being identified and verified in the world of digital financial services. Digital identity (ID) technologies are evolving rapidly, giving rise to a variety of digital ID systems.

This Guidance is intended to assist governments, regulated entities and other relevant stakeholders in determining how digital ID systems can be used to conduct certain elements of customer due diligence (CDD) under FATF Recommendation 10.

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