Financial Crime World

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Financial Crime Risk Management: A Risk-Based Approach

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Introduction

Financial institutions face increasing scrutiny and regulation to prevent financial crimes such as money laundering, sanctions evasion, and bribery & corruption. In this context, the Risk-Based Approach (RBA) has become a widely accepted method for banks to manage financial crime risk.

Key Resources and Recommendations

Wolfsberg Group FAQs

The Wolfsberg Group has published Frequently Asked Questions (FAQs) on risk assessments for money laundering, sanctions, and bribery & corruption. These resources provide valuable guidance for financial institutions seeking to implement an effective RBA.

World Bank Training Guide

The World Bank offers a comprehensive training guide on combating money laundering and terrorism financing. This resource provides detailed information on the principles and practices of effective AML/CTF measures.

Transparency International Recommendations

Transparency International has submitted recommendations to improve Australia’s anti-money laundering (AML) and counter-terrorism financing (CTF) regime. These recommendations aim to enhance the effectiveness of existing laws and regulations in preventing financial crimes.

Research and Insights

  • Private Sector Engagement: Research articles discuss the effectiveness of private sector engagement in international financial crime countermeasures.
  • Rise of AML Professionals: The growth of anti-money laundering professionals has been driven by increasing regulatory requirements and technological advancements.
  • Challenges of Policing Money Laundering: Law enforcement agencies face significant challenges in policing money laundering, including the need for advanced investigative techniques and international cooperation.

Next Steps

If you have any questions or would like to discuss financial crime risk management or the application of the RBA by banks, please feel free to ask. I’m here to help!