/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.
Australia passes Digital ID Bill

Australia passes Digital ID Bill

The Australian Government has passed the Digital ID Bill 2024 and Digital ID (Transitional and Consequential Provisions) Bill 2024.

The legislation will establish an economy-wide Digital ID system and allow for financial organisations and providers to apply and join the Government’s Digital ID platform. The benefits of this system will be a stronger and more secure ecosystem for users online.

The Bills will also encourage Digital ID service providers to join the voluntary Accreditation Scheme to comply with the standards of Australian regulators and maintain high levels of security and authentication.

Once the legislation receives the Royal Asset, which is expected in the next few weeks, they will come into action in November 2024. By 2026, businesses will be able to join the Government’s Digital ID system.

Rick Iversen, head of product and scheme digital ID at Australian Payments Plus, commented: ”It’s great to see a commitment to realising the benefits that a strong Digital Identity ecosystem will offer Australian consumers and businesses. As we’ve always said, the fewer times people share their identity documents, the fewer opportunities there are for data theft.”

Iversen added: ”We also welcome the announcement of $288 million in the Budget to support the implementation and growth of digital identity.”

Comments: (0)