What is the purpose of the Wolfsberg Group?

The Wolfsberg Group is primarily focused on developing frameworks that assist financial institutions in managing financial crime risks, such as money laundering, terrorist financing, and other compliance-related issues. Established by a group of international banks, the Group aims to create comprehensive guidelines that help institutions identify, assess, and mitigate these risks effectively. This role is crucial for maintaining the integrity of the global financial system.

The development of such frameworks includes providing best practice guidelines and tools that can be adopted by banks and financial institutions worldwide, helping them build and enhance their own compliance programs. By concentrating on financial crime risk management, the Wolfsberg Group plays a significant role in shaping the industry's approach to compliance and regulatory expectations.