The Wolfsberg Group aims to develop guidance for the management of financial crime risks related to Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Know Your Customer (KYC) policies. Wolfsberg Group consists of thirteen global banks. These banks are as follows: Bank of America, Banco Santander, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan Chase, MUFG Bank, Société Générale, Standard Chartered Bank, UBS. The Wolfsberg Group first published the Wolfsberg Anti-Money Laundering (AML) Principles for private banking in October 2000 by the Wolfsberg Group. These principles were revised in May 2002, most recently in June 2012.
Since its establishment, the Wolfsberg Group has managed to become a respected non-governmental organization. The primary objective of the Wolfsber Group is to develop financial industry standards for Anti-Money Laundering (AML), Know Your Customer (KYC), and Counter-Terrorist Financing (CTF) policies. The Wolfsberg Group has published guidelines for emerging finance, including AML, KYC, and CFT standards. These principles and documents are periodically updated according to the economic situation. Wolfsberg Groups' works are just like the Financial Action Task Force (FATF) AML works. In addition to the AML activities, the Wolfsberg Group also works in the field of anti-corruption. The Wolfsberg group also serves as a collective action group to fight corruption.
The Wolfsberg Group's rule of thumb for banks is that they only accept customers whose funding can be approved, allowing transparent agreements to achieve the targeted transparency in money laundering. In order to achieve this, banks should find the sources of funds, assets, and real owners of the companies and then update this information periodically.
Wolfsberg principles are not legally binding, but still affect the financial industry and banks around the world who are voluntarily adhering to the principles. The Wolfsberg Group is cited as an example of banking risk management. The Group holds regular meetings with highly competent authorities in the financial sector, where actions and policies that may be against financial crime are discussed in detail.
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