WOLFSBERG NEWS
Publication of the Negative News Screening FAQs

The Wolfsberg Group is pleased to publish its Frequently Asked Questions (FAQs) on how undertaking screening for Negative News and other forms of adverse information can enhance a Financial Institution’s awareness of potential Financial-Crime risk posed by both existing and prospective customers.  

These FAQs seek to set out relevant considerations which Financial Institutions may find useful in setting out standards with consideration to:

  • Applying Negative News Screening (NNS) as part of a risk-based approach to Anti-Money Laundering and Counter-Terrorist Financing.
  • Documenting a risk-based approach to NNS, taking into account the legal and regulatory requirements in the jurisdiction(s) in which the Financial Institution operates.
  • Ensuring that NNS processes are both effective and efficient.
  • Providing guidance on assessing the reliability of NNS sources and the materiality of NNS results as well as the configuration of screening systems, alert management, and associated governance. 

The Group recognises the challenges faced by Financial Institutions given the breadth of this topic and hopes the FAQs will provide useful insight and overall contribute to more effective Financial-Crime risk management across the sector.  

You can access the Negative News Screening FAQs here.

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
Recent articles
Publication of the Effectiveness Through Collaboration paper
Publication of the Negative News Screening FAQs
Publication of Chinese (Simplified) translation of the Wolfsberg Group Statement on Demonstrating Effectiveness