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Wolfsberg Group
The Wolfsberg Group is an association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks.
It started as a meeting of banks in 1999 who adopted a number of best practice standards under the name Wolfsberg Principles. On 22 September 2021 the association under Swiss law under the name "The Wolfsberg Group" was founded in Basel.
The Wolfsberg Group's goal has been to develop financial industry standards in the private sector for anti-money laundering (AML), know your customer (KYC) and counter terrorist financing (CTF) policies. Its work is similar to what the Financial Action Task Force on Money Laundering (FATF) does on a government level.
In addition to its AML-activities, the Wolfsberg Group also serves as a collective action group in the field of anti-corruption.
Wolfsberg’s publications are aimed at supervisors and regulators with the intention of highlighting best practices and at other financial institutions who can choose to adopt the approaches set out in the publications and thereby improve the overall standard of financial crime risk management across the global financial services industry.
The group operates under the Chatham House Rule.
In 1999, the U.S. Senate Permanent Subcommittee on Investigations called Citigroup's chief executive officer, John Reed, to testify in a public hearing on what the chairman of the Committee, Senator Carl Levin, called a "rogues gallery" of clients at Citibank's private bank. Reed turned to the new head of the Private Bank, Shaukat Aziz (later to become the Prime Minister of Pakistan) to take actions to both resolve allegations and ensure against future such events.
Aziz in New York called Frank Vogl, then vice chairman of the board of directors of Transparency International (based in Washington DC), to discuss a joint initiative. They met and Aziz explained it would be more credible if Transparency International, rather than Citi, invited other leading banks to join Citi in exploring efforts to attain voluntary understandings by major banks to full enforce know-your-customer standards.
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Wolfsberg Group
The Wolfsberg Group is an association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks.
It started as a meeting of banks in 1999 who adopted a number of best practice standards under the name Wolfsberg Principles. On 22 September 2021 the association under Swiss law under the name "The Wolfsberg Group" was founded in Basel.
The Wolfsberg Group's goal has been to develop financial industry standards in the private sector for anti-money laundering (AML), know your customer (KYC) and counter terrorist financing (CTF) policies. Its work is similar to what the Financial Action Task Force on Money Laundering (FATF) does on a government level.
In addition to its AML-activities, the Wolfsberg Group also serves as a collective action group in the field of anti-corruption.
Wolfsberg’s publications are aimed at supervisors and regulators with the intention of highlighting best practices and at other financial institutions who can choose to adopt the approaches set out in the publications and thereby improve the overall standard of financial crime risk management across the global financial services industry.
The group operates under the Chatham House Rule.
In 1999, the U.S. Senate Permanent Subcommittee on Investigations called Citigroup's chief executive officer, John Reed, to testify in a public hearing on what the chairman of the Committee, Senator Carl Levin, called a "rogues gallery" of clients at Citibank's private bank. Reed turned to the new head of the Private Bank, Shaukat Aziz (later to become the Prime Minister of Pakistan) to take actions to both resolve allegations and ensure against future such events.
Aziz in New York called Frank Vogl, then vice chairman of the board of directors of Transparency International (based in Washington DC), to discuss a joint initiative. They met and Aziz explained it would be more credible if Transparency International, rather than Citi, invited other leading banks to join Citi in exploring efforts to attain voluntary understandings by major banks to full enforce know-your-customer standards.