Wolfsberg Group [WG] Country Risk Frequently Asked Questions
04/03/2024
After a thorough exercise, the Wolfsberg Group [WG] has published its updated Country Risk Frequently Asked Questions (FAQs).
The revised FAQs provide a comprehensive understanding of the implications of country risk in the context of anti-money laundering (AML) and counter-terrorism financing (CTF) measures, including customer due diligence (CDD) requirements.
The updated document specifically highlights:
- Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD;
- Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk;
- Sanctions considerations and their impact in the context of AML/CTF country risk;
- The need for a strong governance enabling an unbiased approach towards country risk;
- Practical guidance combined with clear roles & responsibilities for financial institutions.
WG hopes the FAQs will play a pivotal role in the industry’s challenges in assessing and effectively mitigating country risk in the respective institutional AML/CFT frameworks.
Read the FAQs on WG website: https://db.wolfsberg-group.org/assets/6a3513cd-b486-4d7e-aa2f-698b18ed05fb/Wolfsberg%20Group%20Country%20Risk%20FAQs%20(2024).pdf?utm_source=LinkedIn&utm_medium=social&utm_campaign=release
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