The Wolfsberg Group has published guidance on Digital Customer Lifecycle Risk Management. The guidance looks at how non face-to-face customer interaction could be considered a standard or even lower-risk channel for a financial institution’s AML compliance, if 3 core controls are adopted:
- more effective identification, verification and authentication processes at the onboarding stage;
- a multi-dimentional and continually reassessed customer risk profile; and
- a redesigned trigger-based approach for conducting ongoing due diligence.