Wolfsberg Group tackles non-bank PSP risk, setting out how banks can support payments innovation while managing financial crime exposure in increasingly complex payment chains

The guidance provides a practical risk-based framework for financial institutions providing banking services to non-bank payment service providers, including expectations around relationship types, business-model understanding, customer activity, payment transparency and financial crime controls. Wolfsberg highlights the challenges created by intermediation, cross-border bundled or bulk transactions, and uneven international regulation, stressing that payment messages should contain complete and accurate information in line with FATF Recommendation 16 and local requirements.