Current Priorities

Wolfsberg Group Priorities

“The leading voice in banking, committed to combatting financial crime”

 

The Wolfsberg Group predominantly focuses on two core areas:

  1. Producing Principles, Standards, FAQs and Guidance papers to promote best practices and improve effectiveness in the fight against financial crime

  2. Promoting engagement between public and private sectors in the fight against financial crime

We set our objectives annually and refresh them as necessary.

 

Our Main priorities for 2019:

For 2019, our significant focus remains on the development and promotion of measures to improve the overall “effectiveness” of the financial crime compliance regime. For this, the Wolfsberg Group believes there are key areas that would benefit from modernisation, such as:

  • A need to focus on desired outcomes through identifying collective risk based priorities.
  • Updating of regulatory rulebooks alongside enhancements to the regulatory approach.
  • STR/SAR reform programmes to continue and seek to increase benefits on effectiveness and use of data and reducing friction to the customer.
  • Continue to develop data and information sharing opportunities and ensure data privacy safeguards are central to any enhanced approach.
  • Seek support around the benefits and use of shared services and utilities
  • Continue to build knowledge and programmes that include and co-ordinate the responses to cyber related criminality including cyber enabled financial crime.

We actively partner with other leading industry associations, as well as advise and consult with the public sector, law enforcement, supervisors and regulators.

Back Office Consolidation
CBDDQ
Controls for New Payment Methods
Credit Cards
DFS 504 Rule
Digital Identity
Effectiveness
FinTech/RegTech
Future of Surveillance
Models & Methodologies
Negative News Best Practice
Retail Banking
RFI Benchmarking
Role of FCC professional
Sanctions
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