Open Source in Finance Forum New York 2024

Open corporate digital identity standards play a pivotal role in combating financial crime. They provide a framework for secure and reliable identification processes. These standards help to establish trust and ensure that individuals and entities are who they claim to be, which is essential for preventing fraud, money laundering, and other financial crimes. By adhering to open corporate digital identity standards, financial institutions can more effectively detect and prevent suspicious activities. For instance, consistent and reliable corporate identity verification processes help to create comprehensive audit trails, making it easier to trace transactions and identify potential illicit activities. This session will delve into how open standards support corporate identity verification and how these standards have improved effectiveness and cost efficiencies for the financial service industry. The discussion will address mechanisms for authentication, data protection, and regulatory compliance - all essential elements in the fight against financial crime.