Director at Xenia (AFSL & AML/CTF Compliance) | JD & PLT completed | Will get to admission documents & explore regulatory investigation & dispute resolution opportunities in banking & financial services in due course
𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐈𝐃 𝐥𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐨𝐧 𝐩𝐚𝐬𝐬𝐞𝐝 𝐏𝐚𝐫𝐥𝐢𝐚𝐦𝐞𝐧𝐭 The Digital ID Bill 2024 and the Digital ID (Transitional and Consequential Provisions) Bill have passed Parliament, expected to receive Royal Consent in the next few weeks, with an estimated commencement date in November 2024. This legislative framework is intended to strengthen the existing voluntary Digital ID accreditation scheme, support the expansion and governance of the Digital ID system, and strengthen privacy and consumer protection. Within two years, Australians are expected to be able to create their Digital IDs through their preferred service providers and be able to use such IDs to verify who they are at both public and private sector entities. The 𝑨𝑪𝑪𝑪 will be appointed as the initial Digital ID regulator, with responsibilities of: ✳ accrediting Digital ID service providers, ✳ approving which services can participate in the Australian Government Digital ID System (AGDIS), and ✳ enforcing the non-privacy aspects of the legislation. The 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝑪𝒐𝒎𝒎𝒊𝒔𝒔𝒊𝒐𝒏𝒆𝒓 will be responsible for regulating and enforcing the privacy-related aspects of the Digital ID accreditation scheme. Curious to explore the interactions between this upcoming legislative framework and the AML/CTF Act & Rules, and the Privacy Act. For more information: https://lnkd.in/g5bVgXGQ https://lnkd.in/gqyRtVqE
International AML CFT Adviser/Technical Assistance and Training
5moOmg...we are finally catching up...