Wolfsberg Group publishes new guidance on Digital Customer Lifecycle Risk Management

Findings released by EBA on challenges in ML/TF detection
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The Wolfsberg Group has published new guidance on Digital Customer Lifecycle Risk Management. The guidance describes how non face-to-face customer interaction can be considered a standard or even lower risk channel for FIs, through the development of core AML/CTF controls.  The guidance includes ways in which FIs can build a “more holistic customer profile” by widening their concept of identity attributes (e.g. facial recognition software) and recognises that certain local conditions, including regulatory support for financial inclusion initiatives, may warrant distinct approaches to identification, verification, and authentication for certain types of relationships.


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