The Wolfsberg Group as an Important Institution of Global Compliance

Summary of the basic standards and principles that guide global banks in dealing with customers

The Wolfsberg Group was founded in 2000 and since then has developed into a reputable global non-governmental organization. It unites 13 large banks (Bank of America, German Bank, HSBC, etc.) which control the assets of the most world businesses. To make its work more transparent, the group decided to create joint standards against money laundering and develop a framework for managing financial crime risks.

Wolfsberg principles are AML, KYC, and CTF / CFT standards for finance developed by The Wolfsberg Group. There are 19 documents, which are periodically updated, depending on the economical situation.

The basic rule is for banks to accept only those customers whose income or financing can be confirmed, enabling transparent deals. For that, banks should find out, collect and update the sources of funds, the real owners and the assets of a company.

The Wolfsberg Group has become an example of banking risk management. It periodically holds meetings with financial industry authorities such as the International Banking Federation and SWIFT, where groups consider which actions and policies could be more effective against financial crime.

Although the Wolfsberg principles are not legally binding, they influence the financial industry and banks around the world, which are voluntarily adhering to the principles.

All in all, the Wolfsberg Group helps to reduce the number of financial crimes and create a safer business environment.

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The Wolfsberg Group as an Important Institution of Global Compliance

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