The Wolfsberg Group (the Group) consists of eleven leading financial institutions and has published a revised version of its anti-money laundering and counter-terrorist financing (AML/CTF) principles for foreign correspondent banking relationships. The principles do not address the risks associated with domestic correspondent relationships.
The Group has also published frequently asked questions on foreign correspondent banking and a questionnaire on firms’ AML/CTF policies, practices and procedures. The questionnaire is intended to act as an aid to firms conducting due diligence and should not be relied on exclusively or excessively.
The principles cover the following issues:
- responsibility and oversight;
- risk based due diligence guidelines / considerations;
- enhanced due diligence;
- monitoring and reporting of suspicious activities; and integration with anti-money laundering programmes.
View Wolfsberg anti-money laundering principles for correspondent banking, 18 February 2014
View The Wolfsberg Group – news, 18 February 2014
View The Wolfsberg Group – frequently asked questions on correspondent banking, 18 February 2014
View The Wolfsberg Group – anti-money laundering questionnaire, 18 February 2014