Wolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes

On 23 December, Regulation Asia reported that the Wolfsberg Group has published a statement on “Effectiveness” as it relates to AML/CTF programmes.  Despite FATF adding “effectiveness” ratings to technical compliance assessments in 2013, the Wolfsberg Group of banks believes that, in practice, there is still not enough consideration of effectiveness in achieving the overall goals of the AML/CTF regime, beyond technical compliance.  It also says that financial institutions should be encouraged to identify – and discontinue – current practices that are not required by law or regulation, do not lead to the production of highly useful information to relevant government agencies, and are of little financial crime risk management value to the institution.


The statement from the Wolfsberg Group is at –


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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