By Dan Byrne for AMLi
Global banking organisation the Wolfsberg Group’s report on what financial institutions are doing right and wrong with their AML/CFT risk has multiple recommendations layered into its five page summary.
It’s split into three subsections dealing with regulation compliance, reporting to government, and reasonable risk-based controls.
One common theme emerges – the call for banks to show they are effective at AML by “telling their own story,” and not fading away into some bigger compliance machine.
Here are the Top 3 Takeouts: