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Wolfsberg Group updates the Correspondent Banking Due Diligence Questionnaire

Wolfsberg Group updates the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and  Financial Crime Compliance Questionnaire (FCCQ). The CBDDQ updates include a new section on Fraud and additional questions related to Whistleblower Policy, Virtual Bank License…

IIF/Wolfsberg Group EBA De-Risking Letter

The joint comments highlight, inter alia, the importance of alignment with the FATF definition of ‘de-risking’ and that financial institutions should have the ability to apply a risk based approach to non for profit organisations (NPOs) in line with FATF Recommendation 8…

FATF Annual Report 2021-2022

FATF publishes Annual Report 2021-2022 which sets out the achievements of the FATF under the second year of Marcus Pleyer’s Presidency on Beneficial ownership, Digital transformation, Migrant smuggling, New and update guidance, Mutual evaluations…

OCCRP: What’s a Proxy? Using Relatives, Shell Companies, and Other Stand-Ins to Hide Illicit Wealth

OCCRP published a FAQ highlighting that proxies are people that form a crucial part of a sophisticated secrecy industry that undermines the global financial system by letting dirty money flow undetected, unchecked, and uninterrupted around the world…

Fenergo Global AML Fines Research Report

The data from Fenergo showed that AML fines globally surged 53 per cent in 2022 while fines to crypto firms rose over 90 per cent as regulators cracked down on financial misconduct. The surge was linked to the huge increase in fines levied at crypto firms, as well as fines…

 

FATF updates consolidated assessment ratings

An up-to-date overview of the ratings on both effectiveness and technical compliance for all countries assessed against the 2012 FATF Recommendations and using the 2013 Assessment Methodology…

BIS publishes global standards on prudential treatment of cryptoasset exposures

The report introduces the final standard structure for banks regarding exposure to digital assets, including tokenized traditional assets, stablecoins and unbacked cryptocurrencies, as well as feedback from stakeholders collected in a consultation launched in…

Wolfsberg principles for using Artificial intelligence and Machine learning in Financial crime compliance

The Principles are intended to guide FIs and their financial crime compliance leaders and risk management teams in identifying and managing the operational and reputational risks that may arise from the use of artificial intelligence and machine learning…

FATF updates consolidated assessment ratings

The table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance which should be read in conjunction with the detailed mutual evaluation reports. FATF and FSRBs conduct peer reviews…

Egmont Group publishes Annual report 2020/2021

This report covers EG activities between July 2020 and July 2021, including: work completed, Results from the 2021 Egmont Biennial Census, Working Group developments, Activities of the Egmont Centre of FIU Excellence & Leadership (ECOFEL), Regional Group developments, strategic initiatives in action…

GFI report on trade-based money laundering & illicit supply chains

This research notes that the China’s Belt and Road Initiative (BRI) transport projects have significantly increased trade within the corridor economies as well as the rest of the world. This has heightened the proliferation of counterfeit and illicit goods disguised as illicit goods…

Wolfsberg publishes Financial Crime Principles for Correspondent Banking

The Principles detail risk-based due diligence measures that, when undertaken, allow the Correspondent Bank to assess the profile, customer base and Financial Crime Programme of its Respondent customers. These will assist Correspondent Banks in developing a programme…