Wolfsberg Group highlights importance of showing effective AML programme

The Wolfsberg Group has reminded of its suggestions for how financial institutions can have effective AL/CTF compliance programmes, and of its 2020 recommendations for ensuring effective outcomes.  The reminder comes with a message that it is important to show that controls are effective. It says its factors are a useful tool towards this – where an institution can prove compliance for a specific threat or overall, it will be strong evidence of its effectiveness. The paper looks at

  • compliance with law and regulation
  • providing useful information to government authorities in priority areas and
  • reasonable and risk based controls

Emma Radmore