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EPA reveals digital identification and authentication guidance

Tuesday 14 April 2020 12:42 CET | News

The Emerging Payments Association (EPA) has published new guidance on digital identification and authentication to help combat financial crime. 

Due to the increased threat of criminal activity, including fraud, money laundering, and financing terrorism, The EPA’s Guidebook to Digital Identification and Authentication calls for robust identification and authentication processes to be employed in the financial services industry. This guidance explains how specific identification requirements and standards vary on a national, international and regional level, citing AML regulations and directives.

The guidance is supported by Refinitiv, and it details the component parts of identification and authentication processes, as well as the current solutions and technologies to consider when trying to meet regulatory requirements. Moreover, it explains how to identify and verify an organisation and why it is important to harness verification sources and technology to carry out high-quality checks. These checks help when investigating money laundering or identifying shell companies. Equally, the process of identifying and verifying an individual is important to ensure they are not a risk to a company whilst following data protection guidelines. Lastly, organisations must understand how to manage and use authentication elements to detect fraud and ensure the individual using a service is entitled to do so.


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Keywords: EPA, digital identification, authentication, financial crime, threats, criminal activity, fraud, money laundering, financing terrorism, AML, regulations
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