On 28 October, the Wolfsberg Group published its updated Financial Crime Principles for Correspondent Banking. This updates the 2014 version and provides guidance and best practices for banks, draws a distinction between Correspondent Relationships and Correspondent Banking activity, addresses entities other than banks who have Correspondent Relationships, and incorporates revised FAQ that were previously a separate document. The Principles detail risk-based due diligence measures that, when undertaken, allow the Correspondent Bank to assess the profile, customer base and Financial Crime Programme of its Respondent customers.
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