What are two aspects of the Wolfsberg Anti-Money Laundering AML Principles for Correspondent Banking?
1 Preamble.
What is risk based approach for CDD implementation?
Under a risk-based approach to compliance, high risk customers should be subject to enhanced due diligence (EDD). Examples of high risk customers include politically exposed persons (PEPs) and customers that are the target of economic sanctions.
What banks are in the Wolfsberg Group?
Current members are Banco Santander, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan Chase, Société Génerale, and UBS.
What is AML risk assessment?
AML Risk Assessment. Identifies risk across your organization’s products, high-risk customer types, and geographies. Helps establish global AML control standards and determine the effectiveness of your institution’s AML risk management program, including internal preventative and detective controls.
Where can I find Wolfsberg questionnaire?
The materials can be found in the Capacity Building Materials subpage, accessed through the drop-down menu on the ‘Wolfsberg CBDDQ’ page. The Wolfsberg Group has updated the Correspondent Banking Due Diligence Questionnaire (CBDDQ) due to a small number of administrative corrections.
How often should Wolfsberg questionnaire be updated?
Wolfsberg’s recommended implementation Completed questionnaires should be reviewed at least annually.
What is risk based approach?
A risk based approach is a process that allows you to identify potential high risks of money laundering and terrorist financing and develop strategies to mitigate them. Existing obligations, such as your client identification, will be maintained as a minimum baseline requirement.
What is risk based approach AML?
Simply put, the “risk-based” principle requires financial institutions to assess the risks associated with illicit activities (such as money laundering and terrorist financing) that they may face in order to reasonably deploy corresponding resources before taking prioritized control measures as a response to these …