The Wolfsberg Group has issued updated Country Risk Frequently Asked Questions (FAQs).

The revised FAQs provide a comprehensive understanding of the implications of country risk in the context of AML/CTF measures.

The updated document specifically highlights:

  • Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD;
  • Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk;
  • Sanctions considerations and their impact in the context of AML/CTF country risk;
  • The need for a strong governance enabling an unbiased approach towards country risk; and
  • Practical guidance combined with clear roles & responsibilities for financial institutions.

Firms should consult the updated FAQs and continue to remain up to date with their requirements relating to geographical risk.

Plenitude Compass has been developed specifically for Financial Crime Compliance teams to keep you informed of changes to geographical risk and its implications for numerous financial crime controls. Visit our website for more information.

Share with: