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.
https://www.regulationasia.com/wolfsberg-group-urges-effectiveness-emphasis-in-aml-ctf-programmes/
The statement from the Wolfsberg Group is at –
