[Information]Digital Identity Study Group “Digital Identity Verification and Customer Due Diligence in Financial Institutions”(July 30, 2024) 

As advances in technology lead to the diversification of settlement methods in recent years, financial transactions are becoming more complex, while the risks faced by Financial Institutions in money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”) are also changing. Especially since the spread of the COVID-19 pandemic, non-face-to-face transactions has increased. With non-face-to-face transactions, it is easier to impersonate someone else than with face-to-face transactions, so the National Risk Assessment published by the National Public Safety Commission categorized non-face-to-face transactions as high-risk transactions. In this context, last year, Digital Agency’s document was released and Financial Services Agency’s document was updated. Financial institutions are required to properly follow the contents of the documents and establish a framework that considers the importance of digital identity verification.
On August 30, 2021, the FATF, which sets international standards for AML/CFT/CPF, published the report of Japan on AML/CFT/CPF considering its standards. Given the report, it is necessary for both the public and private sectors to continue working together to enhance the AML/CFT/CPF regime. But an analysis of the contents of the FSA’s report and “Frequently Asked Questions” reveals that there are still many issues in customer due diligence in financial institutions.
Therefore, in this workshop, we will briefly review the laws and regulations concerning digital identity verification and customer due diligence in financial institutions, and then discuss recent trends, including the documents of the above authorities, to examine their purpose and interrelationships. After that, we will discuss the practical issues that financial institutions are facing, and consider examples of possible measures.

This event is supported by JST Moonshot R&D Project with the Grant Number JPMJMS2215.

Speakers: Satoshi Tsuda (Hitotsubashi University) ・ Nobuhisa Okazaki (Attorney at Law)
Emcee: Kunifumi Saito (Keio University)

Date&Time: Tuesday, July 30. 14:00 – 16:00
Venue: AP Shinagawa Annex, Room-A(Shinagawa Center Building 1F)
Capacity: Onsite( Max.capacity : 30 people) , Online( Max.capacity : 300 people)
Eligibility: Open to everyone
*Either way, advance registration is required
Method: Onsite and Online(Zoom Webinar)
Language: Japanese
Hosts: Cyber-Physical Sustainability Center (CPS Center), Keio University
Fees: Free
Registration: Please register using the registration form below.
Inquiries: Digital Identity Study Group
Contact: Kunifumi Saito