Wolfsberg Correspondent Banking Principles updated

The Wolfsberg Group has published its finalised updated financial crime principles for correspondent banking. The update from the 2014 version:

  • looks at the differences between correspondent relationships and correspondent banking activity;
  • considers entities that have correspondent relationships who are not banks; and
  • includes FAQs within the guidance.

The aim of the document is to help correspondent banks carry out their risk assessments.

Emma Radmore