Wolfsberg updates guidance on countering the financing of terrorism
Collective responsibility shared between financial institutions (FIs) and law enforcement agencies amongst other public and private sector actors is central to countering terrorist financing according to the Wolfsberg Group’s newly revised and updated statement on the suppression of the financing of terrorism. The statement, which…
Wolfsberg Group publishes updated country risk FAQs
The Wolfsberg Group has published an updated Country Risk Frequently Asked Questions (FAQs) that aims to provide a comprehensive understanding of the implications of country risk in the context of anti-money laundering (AML) and counter financing of terrorism (CFT) measures, including customer due diligence (CDD) requirements. The FAQs…
Wolfsberg Group publishes revised guidance on Swift RMA due diligence
The Wolfsberg Group has published updated guidance for Swift Relationship Management Application (RMA) due diligence. The association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks says the changes have been made to keep pace with…
Wolfsberg publishes updated transparency standards for financial crime compliance
The Wolfsberg Group has updated its payment transparency standards that set out best payment practices within an effective financial crime compliance programme. The association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks says the revised…
Wolfsberg Group updates correspondent banking due diligence and financial crime materials
The Wolfsberg Group has released version 1.4 of its correspondent banking due diligence questionnaire (CBDDQ) and version 1.2 of its financial crime compliance questionnaire (FCCQ), along with updated supporting guidance, glossary and FAQs documents. The association of global banks that aims to develop frameworks and…
International alignment and business considerations should feature in EBA’s de-risking guidance say Wolfsberg and IIF
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, and the Institute of International Finance (IIF), the global association of the financial industry, have submitted joint comments in response to the European…
Wolfsberg Group updates and publishes guidance on correspondent banking
The Wolfsberg Group, the association of global banks that aims to develop frameworks and guidance for the management of financial crime risks, has updated and published its Financial Crime Principles for Correspondent Banking. The principles detail risk-based due diligence measures that allow the correspondent bank to…
Trade misinvoicing the most pervasive form of Chinese money laundering says GFI
Trade misinvoicing is possibly the most pervasive form of Chinese money laundering according to a new report published by Global Financial Integrity (GFI) which concludes that China plays an extremely impactful role as a source, transit and demand country in many of the most widespread…
Wolfsberg publishes RFI best practice guidance
The Wolfsberg Group has published a guidance paper on requests for information (RFIs) as used in anti-money laundering and counter financing of terrorism (AML/CFT) transaction monitoring processes. The guidance is focused primarily on inquiries initiated as a result of transaction monitoring, and is not intended to…
Wolfsberg Group publishes paper advocating public-private partnerships for effective AML/CFT and KYC
Financial institutions should participate actively in public-private information-sharing frameworks to foster a more effective anti-money laundering and counter financing of terrorism (AML/CFT) programme according to a paper published by the Wolfsberg Group. The association of global banks that develops frameworks and guidance for the management…
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Trade Based Financial Crime
Trade Based Financial Crime
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