Wolfsberg KYC Compliance 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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