 | |
| Named after | The UBS Wolfsberg Center for Training and Dialogue |
|---|---|
| Founded | 22 September 2021 |
| Founded at | Basel, Switzerland |
| Type | Association under Swiss law |
| Location | |
| Origins | Wolfsberg Principles simple partnership as of 10 October 1999 |
Membership | 12 global banks |
| Website | www |
The Wolfsberg Group is an association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks.
It started as a meeting of banks in 1999 who adopted a number of best practice standards under the name Wolfsberg Principles. On 22 September 2021 the association under Swiss law under the name "The Wolfsberg Group" was founded in Basel.
The Wolfsberg Group's goal has been to develop financial industry standards in the private sector for anti-money laundering (AML), know your customer (KYC) and counter terrorist financing (CTF) policies. Its work is similar to what the Financial Action Task Force on Money Laundering (FATF) does on a government level.
In addition to its AML-activities, the Wolfsberg Group also serves as a collective action group in the field of anti-corruption.[1]
Wolfsberg’s publications are aimed at supervisors and regulators with the intention of highlighting best practices and at other financial institutions who can choose to adopt the approaches set out in the publications and thereby improve the overall standard of financial crime risk management across the global financial services industry.
The group operates under the Chatham House rules.
- ^ Heimann, Fritz; Pieth, Mark (2018) [2017]. Confronting Corruption. Oxford University Press. pp. 225 et seq. ISBN 978-0-19-045833-1. OCLC 965154105.