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Global standards for money laundering prevention

Global standards for money laundering prevention 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Crime Emerald Publishing

Global standards for money laundering prevention

Hans‐Peter Bauer; Martin Peter
Journal of Financial Crime , Volume 10 (1): 4 – Jan 1, 2003
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Publisher
Emerald Publishing
Copyright
Copyright © 2002 MCB UP Ltd. All rights reserved.
ISSN
1359-0790
DOI
10.1108/13590790310808600
Publisher site
See Article on Publisher Site

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.

Journal

Journal of Financial Crime – Emerald Publishing

Published: Jan 1, 2003

Keywords: Regulation; Money laundering; International cooperation; Banking; Terrorism

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