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Wolfsberg KYC Compliance Principles

Q: Who follows the Wolfsberg Principles?

Global banks, wealth managers, and financial service providers often align their KYC programs with these principles.

Global

2000

AML/CFT

Overview

The Wolfsberg KYC Compliance Principles are a set of global KYC guidelines developed by the Wolfsberg Group, an association of 13 leading international banks. First released in 2000 and regularly updated, the principles provide a standardized approach for Know Your Customer (KYC) compliance, customer risk assessment, and financial crime prevention.

These non-binding principles support global efforts to combat money laundering and terrorist financing. They emphasize risk-based customer due diligence, ongoing monitoring, beneficial ownership transparency, and information sharing with regulatory authorities. The framework is designed to enhance the integrity of financial systems and is widely referenced by banks, wealth managers, payment providers, and corporate service firms around the world.

Key Obligations

Identify and verify the identity of customers and beneficial owners
Assess customer risk and apply proportionate due diligence measures
Maintain up-to-date records and conduct periodic reviews

Monitor customer activity for unusual or suspicious behavior
Share relevant information with authorities where required

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Related Regulations

FATF 40 AML/CFT Recommendations

FinCEN CDD Beneficial Ownership Rule

Corporate Transparency Act BOI Rule

FAQ

Are the Wolfsberg Principles legally binding?

No. They are voluntary guidelines, but many regulators and banks use them as global best practices for KYC compliance.

Who follows the Wolfsberg Principles?

Global banks, wealth managers, and financial service providers often align their KYC programs with these principles.

Do they replace local AML regulations?

No. They complement national AML laws and help institutions enhance compliance beyond minimum legal standards.

How often are the principles updated?

They are revised periodically to align with evolving regulatory expectations and emerging financial crime threats.