REFERENCE TO THE FATF GUIDANCE PAPER ON DIGITAL IDENTITY TECHNOLOGIES FOR CUSTOMER DUE DILIGENCE (eKYC) PURPOSES

NBFIRA 3/3/10-I (63)

To: Anti-Money Laundering Compliance Officers (“AMLCOs”)/ Principal Officers (“POs”): Non-Bank Financial Institutions (“NBFIs”)

REFERENCE TO THE FATF GUIDANCE PAPER ON DIGITAL IDENTITY TECHNOLOGIES FOR CUSTOMER DUE DILIGENCE (eKYC) PURPOSES

1. We refer to the above captioned subject matter.
2. The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) recognises the fast-paced adoption of digital identity technologies by the non-bank financial sector to enhance their customer on-boarding processes while meeting their customer due diligence obligation in line with the Financial Intelligence Act (2022) and Regulations.
3. For further guidance on meeting expected level of compliance, we refer regulated entities to the Financial Action Task Force (“FATF”) Guidance on Digital Identity (2020) which provides description on digital identity features, and factors to be considered when implementing digital identity systems.
4. Any enquiry should be channelled to the AML/CFT Department at 3686100.

FATF Guidance on Digital Identity Technologies

Yours faithfully,

______________

Motsisi Mongati

Deputy Director-AML/CFT

nbfiraamlcft@nbfira.org.bw