What is Wolfsberg Group
The Wolfsberg Group is an association of thirteen global banks that focuses on providing financial institutions (FIs) with KYC, AML and CFT frameworks and guidance to properly mitigate financial crime risk. FIs are entrusted to adhere to these guidelines on a risk-based approach in order to meet their risk appetite. The WG, however, does not have legislative authority.
What are Wolfsberg Group Responsibilities
- issue documentation, such as Principles, Standards, FAQs and Guidance papers, on effective AML/CFT compliance regimes for FIs
- support cooperation between the private and public sector in combatting illicit financial activity
- highlight technological innovations that support the fight against AML/CFT
- highlight how technological innovations can lead to cyber-crimes, which form a bridge between fraud and ML
- liaise with regulators, supervisors and law enforcement agencies
- assist the private sector in assessing their AML framework through the Wolfsberg Questionnaire – it is a tool that provides a standardised overview of a financial institution’s AML policies and practices.
Wolfsberg Group Publications:
There are three focus areas:
1. FAQs on:
- Negative news research
- SOW/SOF
- Country risk
- PEPs
- Risk assessment
- Correspondent Banking
- Beneficial ownership
- Intermediaries
3. Standards
Most notable publications:
- Wolfsberg Statement on the Suppression of the Financing of Terrorism
- Wolfsberg Financial Crime Principles for Correspondent Banking
- Wolfsberg Group Guidance on Digital Customer Lifecycle Risk Management
- Wolfsberg Guidance on Sanctions Screening
- Wolfsberg Anti-Bribery and Corruption (ABC) Compliance Programme Guidance
- Wolfsberg Guidance on Politically Exposed Persons (PEPs)
Wolfsberg Group Updates
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