ABIMBOLA Adeseyoju, Managing Director of DataPro Limited, a compliance solutions and technology-driven rating agency in Nigeria has reiterated the need for improving digital identity management across all fronts.
This, according to him, is of necessity.
Citing the Financial Action Task Force (FATF) 2020 Guidance, DataPro stated that digital ID systems must be used by financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to assert and prove a person’s identity online and/or in a face-to-face environment.
DataPro since its inception in 1995 has provided solutions to end-users in their pursuit of mitigating both business and compliance risks.
According to DataPro, Anti-Money Laundering and Countering the Financing of Terrorism Countering Proliferation Financing (AML/CFT/CPF) compliance onboarding for KYC, and Transaction Monitoring Systems (TMS) need to be fully digitised in order to reduce the incidences of identity theft, fictitious account opening and fraudulent transaction.
This, it said, “Is necessary to support global and national efforts at combating money laundering, terrorist financing and proliferation financing. However, as it is with any new or emerging technology, there are risks involved in the adoption of digital ID systems that have to be understood and properly dimensioned.”
As parts of its November Open-House raining programme, DataPro has hinted of plans to focus on how Compliance Officers, IT personnel, as well as the business people in banks, FinTechs and other financial institutions can understand and mitigate the regulatory, business, technology, cybersecurity, data protection and other associated risks involved in digital identity systems.
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