On March 3th, London time, the UK Treasury announced the introduction of anti-money laundering regulations (MLRs).1) to improve the effectiveness ofPublic comments2This public comment period will include consideration of how to best support the use of digital identities when verifying customers.
The Money Laundering Regulations cover a range of regulated sectors which may employ digital identity services, including financial services, property trading, gambling and art sales. Digital identity services can be used to meet Money Laundering Regulation requirements such as anti-money laundering checks, but there is no specific guidance (in the UK) on how accredited digital identity services can be used to meet regulatory requirements.
Last year, the UK Department for Science, Innovation and Technology3Digital Identity and Attribute Adoption Sprint held by4We have heard that the lack of clarity around the relationship between the UK Digital Identity and Attribute Trust Framework and money laundering regulations is a barrier to adoption. Clarifying this relationship would allow us to harness the efficiency and security benefits of digital identity across a number of important use cases to help fight economic crime.
This public comment will be of interest to individuals and organizations involved in activities to enable the spread of trusted digital identity services. If you would like to respond to this public comment,CLICK HEREcan be done from
The public comment period will last 12 weeks and closes on June 2024, 6. The OpenID Foundation is currently in the process of preparing a public comment submission.