Anti-money laundering body FATF examines British system, discusses digital IDs
22 Oct 2018

The Financial Action Task Force (FATF) has discussed the United Kingdom’s mutual evaluation report, which outlines the level of its anti-money laundering (AML) and counter terror funding (CFT) systems and its degree of compliance with FATF standards.

The recently-held FATF plenary discussed various aspects of the UK’s AML/CFT regime, including key findings, priority actions and recommendations.

The report, which was prepared on the basis of the FATF methodology for assessments, is expected to be published by December 2018 after the quality and consistency review, the organisation said.

Digital IDs

Following the same plenary, the FATF said it will develop guidance on digital identity which will cover issues such as endorsement and accessibility.

The guidance will also consider endorsement by national authorities as a key test for the acceptability of digital IDs.

It will focus mainly on issues such as the reliability of digital IDs that are not issued on the basis of a process that is agreed or regulated by a national authority.

“The guidance will consider and describe potential risks as well as opportunities for their mitigation in the context of digital IDs. The FATF will consider a first draft of this guidance in February with a planned completion of the project in June following further consultation with private sector experts,” the FATF said.

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