Money Laundering, Regulation and Compliance

On 17 April 2023, the Wolfsburg Group published an updated version of its anti-bribery and corruption compliance programme guidance.

The publication is designed to provide guidance to the financial services industry on how to develop, implement and maintain an effective anti-bribery and corruption (ABC) compliance programme, and should be read in conjunction

On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the

On 14 March 2023, the Financial Action Task Force (FATF) published a report on countering ransomware financing.

The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have

On 10 March 2023, the Financial Action Task Force (FATF) published updated guidance that focuses primarily on Recommendation 24 (beneficial ownership transparency of legal persons). In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate

On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023.

On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at

On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents.

The CBDDQ update includes a new section on fraud and additional questions related

On 1 December 2022, the Wolfsberg Group published Principles for Using Artificial Intelligence and Machine Learning (AI/ML) in Financial Crime Compliance.

The Principles are intended to guide financial institutions and their financial crime compliance leaders and risk management teams in identifying and managing the operational and reputational risks that may arise from