On 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:

  • assess risk in defined priority areas;
  • implement and enhance controls;
  • prioritize resources;
  • engage with law enforcement; and
  • demonstrate AML and CTF program effectiveness.

The Statement is available here.