The Wolfsberg Group has shared its Comment Letter on the EU AML/CFT Legislative Package.
The letter aims to provide suggestions and observations on a number of key issues:
- Harmonisation of supervisory practices and standards
- Enhanced information-sharing in line with GDPR principles
- Facilitating an effective risk-based approach
The letter emphasizes that FIs can detect, prevent, and report money laundering and terrorist financing most effectively within a consistent AML/CFT framework consisting of a baseline of risk-focused rules and a risk-based approach (RBA).