Tag: Wolfsberg Group

False positives are an inescapable feature of know-your-business (KYB) screening. When a compliance team runs a company and its ultimate beneficial owners (UBOs) against...

The Wolfsberg Group has published its latest statement on monitoring for suspicious activity, reinforcing its call for banks to move away from outdated detection...

The Wolfsberg Group has released its second Statement on Effective Monitoring for Suspicious Activity, introducing a comprehensive framework for responsible innovation as financial institutions...

In the global effort to tackle financial crime, two tools form the backbone of anti-money laundering (AML) strategies: transaction screening and transaction monitoring. These terms are often used interchangeably, yet they perform very different roles.

For years, transaction monitoring (TM) in wealth and asset management has lagged behind the standards set in retail banking. Yet, given the complexity of...

Money laundering activities in the United States alone are estimated to total $300bn annually. In 2023, penalties for anti-money laundering (AML) violations in the...

The FATF has placed significant emphasis on the revision of Recommendation 16, known as the "Travel Rule," in response to the evolving landscape of payment technologies.

The IMF has emphasized the critical role of AML and CFT policies in maintaining the stability of the international financial system and economies worldwide.

The Wolfsberg Group describes sanctions screening as a crucial method for detecting, preventing, and disrupting financial crimes, including sanctions risks.

Politically Exposed Persons (PEPs) represent a significant risk for money laundering and corruption within the financial sector. Alessa, a leading provider of Anti-Money Laundering...