What is ISO 24366 about?
ISO 24366 specifies a machine-readable, unambiguous natural person identifier (NPI) and the relevant reference data to uniquely identify the natural person relevant to any financial transaction rather than the personal identifying information.
ISO 24366 fulfils the needs of the global financial services industry and the regulatory community for natural person identification. Its key provisions are that it:
- Enables unique identification globally of natural persons requiring an identifier
- Defines a natural person identifier (NPI) code that contains no embedded intelligence
- Defines an NPI code that is interoperable with other standards and existing reference data and can be applied globally to support the financial services industry
- Leverages the expertise of ISO/TC 68 in defining and maintaining identifier standards
- Defines an NPI scheme that is reliable and a persistent NPI code
- Defines an NPI scheme that is extensible and free from the limitation on use and redistribution
Note: Already existing national NPIs might not be applicable in cross-border transactions. The NPI defined in this document intends to close this gap, allowing a co-existence of national identifiers and the international NPI.
Who is ISO 24366 for?
ISO 24366 on financial services is useful for:
- Government
- Tax Department
- Any entity responsible for making financial decisions
Why should you use ISO 24366?
Natural person identifiers are an important part of transaction reporting and contain some complexity in their application due to the variety of identifiers available.
ISO 24366 will help you to monitor the systematic risk across jurisdictions and helps in protecting the citizen’s personal information during the provision of services while responding to regulatory requirements.
ISO 24366 helps you to protect personal information through a Natural person identifier (NPI) by using Character representation and length indication.
The main purpose of ISO 24366 is to protect the personal data of the employees of a financial services firm. These firms help to respond to the requirements of regulation without exposing personal information and giving regulators a privacy-protected way to identify beneficial owners, among other use cases.