AML best-practice paper in the pipeline
NEW YORK – The Wolfsberg Group, an association of anti-money laundering (AML) managers from 12 international banks, is to begin drafting a paper on best practices for firms seeking to develop a risk-based approach to AML programmes.
"Banks have had this idea for a few years and now it is a theme that runs through regulators' work," says Richard Small, chairman of the document's working group, as well as managing director for global AML at Citigroup in New York. The paper will attempt to identify categories that need to be addressed in a risk-based scoring model.
Although an industry consensus is building around a risk-based approach to AML, controversy remains around how to implement this. Regulators fear firms will use it
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