Wolfsberg Group Statement on Developing an Effective Anti-Money Laundering and Counter Terrorist Financing Program

The Wolfsberg Group has published a statement on how financial institutions can develop an effective anti-money laundering and counter terrorist financing program. The Wolfsberg Group was established in 2002 and comprises thirteen banks. Its objective is to develop frameworks and guidance for the management of financial crime risks, providing an industry perspective to effective financial crime risk management.

The Wolfsberg Group sets out the steps that it recommends financial institutions take to develop an effective AML/CTF program. These are:
 

• Assess risks in defined priority areas;
• Implement and enhance controls;
• Prioritize resources;
• Engage with law enforcement; and
• Demonstrate AML/CTF program effectiveness.

View the Wolfsberg Group statement.

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