The Wolfsberg Group, a nongovernmental association of thirteen global banks, published a Frequently Asked Questions (FAQs) update on how to manage country risk in the context of financial crime compliance. As part of the risk-based approach, financial institutions are required to consider not only the financial crime risk related to the customer and the customer’s source of wealth, but also the legal frameworks and effectiveness of the countries where the customer is active, as well as the political environment and other contextual factors of the specific countries.
The Wolfsberg Group has prepared the FAQs based on the members’ views on current best practices and, in some respects, on how the Group believes those practices should develop over time.
The Wolfsberg Group is currently working on the issuance of a guidance for financial crime country risk assessments, which will be published in 2018.
To view the Wolfsberg Group’s FAQs, please click HERE.
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