ResourcesPractical guidance and standards for financial crime risk management professionals

We believe true financial crime risk management is not just about compliance; it is about delivering effective outcomes for law enforcement.

In late 2019, the Wolfsberg Group members gathered in Frankfurt to agree on a common definition of “effectiveness”:

1. Comply with AML/CTF laws and regulations;
2. Provide highly useful information to relevant government agencies in defined priority areas; and
3. Establish a reasonable and risk-based set of controls to mitigate the risks of a financial institution being used to facilitate illicit activity.

Since that time, the Wolfsberg Group has continued to develop the key themes of “effectiveness” in greater detail, while working in parallel with regulatory authorities across the world to embrace an approach to supervision that places increasing focus on effective outcomes over technical compliance.

The core documents that outline and detail our views on effectiveness are as follows:

All of our work associated with effectiveness, including our formal responses to consultation requests, can be found below.