New Principles for Financial Crime Risk Management Auditing

The programme has been published under the following three Wolfsberg Factors:

• Complying with financial crime laws and regulations;
• Establishing a reasonable and risk-based set of controls to mitigate the risks of a financial institution (FI) being used to facilitate illicit activity; and
• Providing highly useful information to relevant government agencies in defined priority areas.

The Principles have been developed between member banks’ second and third lines of defence, to provide FIs with a framework of measures which can be adopted to produce an effective Internal Audit.

Firms should review the Principles in implementing an effective Internal Audit.