Wolfsberg Anti-Money Laundering (AML) Principles

The Wolfsberg Group provides guidelines for financial institutions to assess the effectiveness of their sanction screening controls, which can be automated, manual, or both.

The Wolfsberg Anti-Money Laundering (AML) Principles cover measures such as customer due diligence (CDD) and continuous monitoring of suspicious activity.

The Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance do not support the use of artificial intelligence by financial institutions in their financial crime compliance programs.

The Wolfsberg Group has not provided any guidelines or questionnaires specific to correspondence banking.

The BAFT stands for Bankers Association for Finance and Trade, and it is an international financial trade association dedicated to promoting safe and efficient international financial services.

The Wolfsberg Principles emphasize the need for a risk-based approach, staff training, and strong management oversight to ensure AML compliance.

The Wolfsberg Group Sanctions Screening Guidance is intended for those with an advanced understanding of sanction control terminology.

Correspondence banking relationships involve banks conducting Know Your Customer (KYC) due diligence on each other.

The five main elements of the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance are Legitimate Purpose, Proportionate Use, Design and Technical Expertise, Responsible Oversight, and Transparency.

The Wolfsberg Principles state that domestic banking relationships should be examined in greater depth than cross-border relationships.

The Wolfsberg Group consists mainly of banks from the Middle East and Asia.

The Wolfsberg Group provides guidelines for financial institutions to assess the effectiveness of their sanction screening controls, but these guidelines are not intended for those with a basic understanding of sanction control terminology.

The Wolfsberg Correspondence Banking Principles aim to enable financial institutions to make irresponsible business decisions regarding their correspondent banking customers.

The Trade Finance Best Practice Tips document was compiled by the Wolfsberg Group, International Chamber of Commerce, and the Bankers Association for Finance and Trade (BAFT).

The Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance do not emphasize the importance of the responsible use of Artificial intelligence in anti-money laundering, focusing on ethical data principles and fair, effective and explainable outcomes.

Financial institutions are not encouraged to be transparent about the use of Artificial intelligence, train staff, and perform regular validation and reconfiguration of systems to ensure they continue to meet their intended purposes.

The Wolfsberg Group's guidelines aim to prevent the exploitation of global financial networks for criminal activities.

The Correspondent Banking Due Diligence Questionnaire (CBDDQ) is a standardized questionnaire developed by a regulatory body.

The Wolfsberg Private Banking Principles focus on reducing risks associated with high net worth and personalized service customers.

The 2017 Wolfsberg Guidance on Politically Exposed Persons (PEPs) suggests that financial institutions should treat all PEPs equally, regardless of their country of origin.

According to the Wolfsberg Group, governments should publish lists of prominent political positions to help financial institutions focus resources on truly high-risk situations involving PEPs.

The 'Trade Finance Principles' outline standards for managing financial crime risks related to trade finance activities, including money laundering and terrorist financing.

An 'Open Account' transaction, as defined in the 'Trade Finance Principles', involves a payment made before goods or services are provided.

The 'Trade Finance Principles' do not address the challenges faced in combating financial crime within trade finance activities.

The Wolfsberg Group recommends cooperation among governments, financial institutions, trade bodies, and international logistics providers to combat financial crime within trade finance.

The Wolfsberg Group's guidelines cover all aspects of financial crime, including tax evasion and human trafficking.