Tuesday, 8 August 2017

How liability stands in way of banks’ digital ID ambitions | American Banker

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...if banks were allowed to rely on the work other organizations have done to identify customers they could eliminate redundant paperwork and spare the customer a branch visit to open another account… But banks would need a lot to change before they would partake in this sort of outsourcing of identity provision. At the moment, they are clearly liable, under anti-money-laundering and know-your-customer rules, if they provide accounts to bad actors, wittingly or not."

How liability stands in way of banks’ digital ID ambitions | American Banker

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