This digital trust scheme is an initiative of the PNG Digital Commerce Association, supported by the Bank of Papua New Guinea. Complementing the National Identity (NID) program, it establishes a framework for digital identity that can be shared between financial sector organisations.
Representatives of the Bank of PNG suggest that this YuTru digital identification framework is directed at people who have struggled to meet the identification requirements to open a bank account or access other financial services. The YuTru framework will support the work of the Financial Analysis and Supervision Unit (FASU), and aims to meet the universal KYC and anti-money laundering standards. After the framework will set the requirements, banks and companies that need a secure way of identifying their customers can upgrade their onboarding and transaction processes to conform with YuTru’s criteria.
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