The UK must act on digital company IDs for the UK’s economic integrity and against financial and economic crime, it’s claimed.
Cindy van Niekerk, CEO at Umazi says: “Economic crime is costing the UK billions annually, yet we continue to rely on outdated verification methods. A standardised digital company ID will not only enhance security but also streamline business operations, making due diligence and regulatory compliance more efficient. Digital identities will also enable businesses to start trading faster and that in turn means revenue generation and the economic growth so lauded by the UK Chancellor, Rachael Reeves MP.
“Unlike the EU, the UK is behind on the innovation, lacking an effective strategy for – and roadmap to – company ID and it is our belief that if the UK is to remain a competitive and an attractive place to set up a business, then this must be addressed, and at speed.”
She points to a paper by the Centre for Finance, Innovation and Technology (CFIT), Fighting Economic Crime Through Enhanced Verification. CFIT has set up a coalition of about 70 financial, technology and regulatory bodies including Umazi to develop a verification solution for businesses.
The CFIT paper points to the growing threat of economic crime. A lack of robust and universally accepted business verification mechanisms makes it easier for fraudulent entities to operate undetected. Digital company identification offers a scalable and efficient way to verify businesses in real time, reducing the risk of fraud and financial crime, Umazi, a digital identity product firm, argues.
Van Niekerk adds: “We need a system that works across industries, enabling businesses of all sizes to establish trust quickly and efficiently. Right now, the verification process is fragmented and inconsistent, creating unnecessary delays and exposing businesses to risk. A digital company ID would be a game-changer in improving accountability and ensuring only legitimate companies can operate within the UK’s business ecosystem.
“For too long, businesses have struggled with outdated verification systems that slow down operations and increase exposure to fraud. By implementing digital company identification, we can create a more secure and efficient environment for UK businesses, ensuring compliance becomes an enabler rather than a burden.
“The UK has the opportunity to be a global leader in digital business verification. By embracing digital company identification, we can protect businesses, enhance financial security, and foster economic growth,” added van Niekerk.
“This is not just about reducing fraud—it’s about creating a modern, efficient economy where businesses can operate with confidence and ease. The faster we adopt these changes, the better positioned we will be to compete on a global scale.”
More at the CFIT website.
