20 August 2018 Submitted by Louis de Koker (not verified)

In the course of this project we looked at examples of self-sovereign identity systems and agree that they may contribute to better approaches to information sharing. For such a solution to be employed in relation to AML/CFT CDD requirements it needs to be endorsed by the regulator. We are interested in the regulatory requirements that may be imposed. Given CGAP’s focus we are also interested in how appropriate solutions will empower poor and vulnerable individuals in developing countries to decide what to share with whom and when. These solutions appear particularly relevant to the customer identification and verification element of CDD but may not be sufficient to enable reliable sharing of risk information for AML/CFT purposes. AML/CFT-regulated institutions will still need to collect and potentially share sufficient personal information of clients to enable them to assess the ML/FT risk posed by each client and to monitor their transactions in order to identify suspicious and unusual transactions.

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