On 29 March 2022, the Wolfsberg Group published its guidance on digital customer lifecycle risk management. This guidance explores how non face-to-face customer interaction could be considered a standard, or even lower risk channel for a financial institution, by further developing three core anti-money laundering / countering the financing of terrorism controls:

  • More effective identification, verification and authentication processes at the onboarding stage.
  • A multi-dimensional and continually reassessed customer risk profile.
  • A redesigned trigger-based approach for conducting ongoing due diligence.