Publication of the Wolfsberg Financial Crime Principles for Correspondent Banking

Today the Wolfsberg Group is publishing its updated Financial Crime Principles for Correspondent Banking. This document updates the 2014 version and provides guidance and best practices for banks, draws a distinction between Correspondent Relationships and Correspondent Banking activity, addresses entities other than banks who have Correspondent Relationships, and incorporates revised Frequently Asked Questions that were previously a separate document.

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 Principles will assist Correspondent Banks in developing a programme that includes a fulsome assessment of the risks presented in Correspondent Banking relationships and will enable a comprehensive review of those risks as they apply to the Respondent Banks. For Respondent Banks receiving services, the document provides an understanding of the expectations they may encounter when requesting a Correspondent Banking Relationship. The updated document defines the activity that presents the most risk and introduces the concept of a defined risk appetite for Correspondent Banking Activity. It also provides factors to be considered during the periodic review and ongoing management of Correspondent Banking Relationships to determine if the relationship continues to be within the risk appetite. 

You can access the Principles here.

Back Office Consolidation
Controls for New Payment Methods
Credit Cards
DFS 504 Rule
Digital Identity
Future of Surveillance
Models & Methodologies
Negative News Best Practice
Retail Banking
RFI Benchmarking
Role of FCC professional
Source of Wealth/Source of Funds
Tax Transparency
Terrorist Financing and High Risk Charities
Trade Based Money Laundering
Vendor Procurement Due Diligence / ABC Control Framework
Recent articles
Publication of the Negative News FAQs in Simplified Chinese and Traditional Chinese
The Wolfsberg Group members elect Carolina Garces as Co-Chair of the Group
Publication of the CBDDQ, FCCQ, Guidance, Glossary and FAQs