Wolfsberg Group
institutionMoney & Finance
The rules that decide which bank transactions get flagged as suspicious are written by a private club of the world's biggest banks.
Who they are
The Wolfsberg Group, a group of the largest banks, working alongside the Financial Action Task Force (FATF) and the Egmont Group[1].
What they do
It writes the standards that private banks use to enforce compliance with global anti-money-laundering rules.
How it works
The Financial Action Task Force, the Egmont Group, and the Wolfsberg Group write the rules defining suspicious activity, share intelligence between national agencies, and coordinate how private banks actually enforce compliance. The Wolfsberg Group coordinates how the largest banks implement FATF standards, and its own standards are how FATF recommendations get put into practice. It also publishes guidance on anti-bribery and corruption and on politically exposed persons, and it appoints its own leadership, such as a co-chair and management committee members.
Why it matters
It shows how the rules for policing money are set by the same private banks that have to follow them.
The engine's record — word for word
The corpus records: "The Financial Action Task Force, Egmont Group, and Wolfsberg Group write the rules defining suspicious activity, share intelligence between national agencies, and coordinate how private banks actually enforce compliance." Cross-sourced to wolfsberg-group.org — documents cited by the corpus and retrieved independently of it.
Follow the trail
documents
Financial Action Task Force (FATF)Wolfsberg Group coordinates implementation of FATF standards among largest banks [Wolfsberg Group] — does not establish: That Wolfsberg Group has authority over
documents
Council for Inclusive Capitalismshared institutional membership implementing Wolfsberg AML standards — does not establish: That the Council writes or enforces Wolfsberg standards.
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