Tag: Wolfsberg Group

Most compliance programmes can answer the question "who owns this entity?" What they cannot reliably answer is whether a corporate structure has been deliberately...

The Wolfsberg Group has issued the second part of its Statement on Effective Monitoring for Suspicious Activity (MSA), providing financial institutions with a roadmap...

The Wolfsberg Group has published its second Statement on Effective Monitoring for Suspicious Activity, introducing a responsible transition framework to guide financial institutions as...

In the fight against financial crime, two tools stand out as critical to anti-money laundering (AML) strategies: transaction screening and transaction monitoring. While often...

For too long, transaction monitoring (TM) in asset and wealth management has lagged behind the benchmarks set in retail banking. But as the regulatory...

Money laundering activities in the United States alone are estimated to total $300bn annually. In 2023, penalties for anti-money laundering (AML) violations in the U.S. exceeded $5bn—a 69% rise from the previous year. These figures underline the urgent need for a more effective approach to combatting financial crime.

The FATF has placed significant emphasis on the revision of Recommendation 16, known as the "Travel Rule," in response to the evolving landscape of payment technologies.

The IMF has emphasized the critical role of AML and CFT policies in maintaining the stability of the international financial system and economies worldwide.

The Wolfsberg Group describes sanctions screening as a crucial method for detecting, preventing, and disrupting financial crimes, including sanctions risks.

Politically Exposed Persons (PEPs) represent a significant risk for money laundering and corruption within the financial sector. Alessa, a leading provider of Anti-Money Laundering (AML) compliance software, emphasises the critical importance of accurately identifying and screening PEPs before any business engagement.