/>iOn August 12, the Wolfsberg Group, an association of leading international financial institutions that aim to develop frameworks and guidance for the management of financial risk, published a statement on developing an effective anti-money laundering (AML) and counter-terrorist financing (CTF) program (the Statement).
In the Statement, the Woflsberg Group suggests that financial institutions should take the following steps to evolve their AML and CTF programs:
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assess risk in defined priority areas;
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implement and enhance controls;
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prioritize resources;
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engage with law enforcement; and
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demonstrate AML and CTF program effectiveness.
The Statement is available here.
