Due Diligence in the Age of Digital ID. A Revolution in Anti-Financial Crime?

Knowing and trusting who customers are is the primary responsibility of due diligence. Financial Institutions invest huge amounts of money in platforms, data, and compliance professionals to achieve the goal, and yet many criminals continue to slip through the nets.

According to some, comprehensive Digital ID schemes, using blockchain or biometric data, offer a radical alternative: the chance to create unique digital identifiers that will provide greater certainty than any institutional paper-based system.

The panel will explore the origins and growth of Digital ID, alternative public and private schemes for its deployment, and growing regulatory interest during the COVID-19 pandemic. The panel will also consider the advantages, disadvantages, and practical feasibility of different types of Digital ID and ask whether the risks of hacking and identify theft that face such schemes can be mitigated effectively.