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What a terrible title for a serious subject. None of this meandering twaddle actually provides a real answer to "How to Verify a Digital Identity".  The misleading click-bait title would be more accurate as "A Trip Down Movie Memory Lane Misrepresenting Digital ID"

Now THAT is forward thinking for a banker !!  I congratulate Megan in her entreprenurial venture and will be an early customer.
I also dispare at how difficult it is for banks themselves to embrace innovation internally.

I encourage the Australian Banking Industry to take a look and consider the UK's new EFD (Enhanced Fraud Data) Messaging solution where UK banks agree will have a larger impact on fraud when it rolls out in 2024. You can read about the initial draft standard here: Pay.UK and UK Finance publish first iteration of technical collateral for Enhanced Fraud Data Standard (wearepay.uk) We are currently working with regulators etc. to refine the solution and publish the day one standard very soon.

Can anybody add colour to the meaning behind the words "Council and Parliament say that the rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures."
I assume the proposal document ref "COM(2022)546 final" is at EUR-Lex here: 

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52022PC0546R(01)&qid=1699610741402

AML/KYC checks are not always the issue! Too many money mule accounts have zero issues within the AML/KYC process, simply because our current solutions are not robust enough - and the criminal mind easily works around them.
Proper collaboration across industries needs to happen with verified responsible data sharing.  The noise around privacy only serves bad actors - and needs to change to a conversation about informed consent.