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… Read More ›
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,… Read More ›
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… Read More ›
The CEO of trade finance digitisation provider Bolero has written an article on risk mitigation in which he says that opportunities for fraud exposed by the impacts of the coronavirus pandemic add weight to a growing body of opinion in… Read More ›
Global banks have engaged in industrial-scale money laundering according to secret financial intelligence reports leaked to the BuzzFeed News channel and analysed by the International Consortium of Investigative Journalists (ICIJ). The consortium alleges the leaked reports from the US treasury… Read More ›