Wolfsberg Group Publishes Statement on Developing Effective AML and CTF Program
On August 12, the Wolfsberg Group, an association of leading international financial institutions that aim to develop frameworks and guidance for the management of financial risk, published a statement on developing an effective anti-money laundering (AML) and counter-terrorist financing (CTF) program (the Statement).
In the Statement, the Woflsberg Group suggests that financial institutions should take the following steps to evolve their AML and CTF programs:
assess risk in defined priority areas;
implement and enhance controls;
engage with law enforcement; and
demonstrate AML and CTF program effectiveness.
The Statement is available here.