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 assess…
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…
TBML and IWT amongst four money laundering typologies drawing more attention
An analysis by consultants at Forensic Risk Alliance (FRA) of anti-money laundering (AML) trends and challenges has identified trade-based money laundering (TBML) and the illegal wildlife trade (IWT) as two of the four money laundering typologies that have recently received more attention from regulators and…
Wolfsberg Group publishes guidance on negative news screening for KYC, AML and CFT screening
The Wolfsberg Group has published a Frequently Asked Questions (FAQs) on how undertaking screening for negative news and other forms of adverse information can enhance financial institutions’ awareness of potential financial crime risk posed by both existing and prospective customers. The FAQs by the association of global banks that aims…
New Wolfsberg Group statement on financial institutions demonstrating effectiveness of AML/CFT programmes
The Wolfsberg Group has published a statement setting out how financial institutions can assess risk in defined priority areas and demonstrate their anti-money laundering and counter financing of terrorism (AML/CFT) programme effectiveness. The Wolfsberg Group Statement on Demonstrating Effectiveness document builds on previous effectiveness statements…
Wolfsberg, BAFT and ICC launch appendices to Trade Finance Principles
The Wolfsberg Group, which focuses on financial crime risks, together with BAFT and the International Chamber of Commerce (ICC) have announced the publication of appendices to its 2017 Trade Finance Principles guidance document. The document addresses the due diligence required by global and regional financial…
