Global standards for money laundering prevention

Abstract

Describes the Wolfsberg Principles, which are essentially global anti‐money laundering guidelines for private banking only, and were drafted by 11 banks: Citibank, Morgan, Chase, HSBC, Barclays, Banco Santander Central Hispano, Societe Generale, Deutsche Bank, ABM AMRO, Credit Suisse, and UBS. Outlines the topics involved in the guidelines: identification of clients as well as the beneficial owner, situations requiring additional due diligence like business relationships with clients from high risk countries or involving public officials, suspicious activities, and key measures against money laundering such as monitoring, control, or education and training. Assesses the reaction to the Principles, which has generally been good: one problem is that there is no enforcement mechanism. Concludes with the further scope for cooperation between the Wolfsberg group of banks.

Citation

Bauer, H. and Peter, M. (2002), "Global standards for money laundering prevention", Journal of Financial Crime, Vol. 10 No. 1, pp. 69-72. https://doi.org/10.1108/13590790310808600