The UK Treasury has listened to a public consultation in its response to champion digital identity across financial based services, which are subject to strict compliance with Money Laundering Regulations. The guidance, written with the Department for Science, Innovation and Technology, aims to streamline compliance and ease requirements of the MLR by adopting sophisticated verification through digital IDs.
The AML regulation will relate to the UK’s leading digital identity and attributes trust framework which defines the acceptable standards of verification and trust solutions across all sectors, registering accredited services in its public UK register. The Money Laundering regulation mandates strong verification to defend against financial crimes and boost economic benefits significantly through digital ID adoption.
TechUK called digital IDs a “missing link” in the UK’s AML strategy relating to the UK digital identity and attributes trust framework. They also stressed that industry collaboration is vital to translate intent into implementation.
Digital ID could boost the economy by £4.3 billion by 2034.
