On 12 August, the Wolfsberg Group of leading international banks, issued a statement on “Developing an Effective Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) Programme”. This document outlines steps that financial institutions can take to evolve their AML/CFT regimes to meet the key elements of an effective programme, which were set out in the Group’s December 2019 statement on effectiveness. The Group contends that the guidance will enable financial institutions to optimise the detection and deterrence of illicit activity, while at the same time reducing friction on innocent customers and helping governments achieve their financial inclusion objectives.


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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