FIN.

Wolfsberg updates on effective AML programmes

The Wolfsberg Group has published a statement on steps financial institutions can take to evolve their AML./CTF regimes to meet the key elements of the Wolfsberg effective programme. It outlines the key steps as:

  • assess risk in defined priority areas, using their jurisdiction’s national risk assessment;
  • implement and enhance controls – assessing adequacy of controls in the areas it has identified as presenting the most risk;
  • prioritise resources using a risk based approach;
  • engage with law enforcement; and
  • demonstrate programme effectiveness – through a range of MI measures.

Emma Radmore