Wolfsberg Group Updates Country Risk FAQs

The updated document specifically highlights:

• Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD;
• Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk;
• Sanctions considerations and their impact in the context of AML/CTF country risk;
• The need for a strong governance enabling an unbiased approach towards country risk; and
• Practical guidance combined with clear roles & responsibilities for financial institutions.

Firms should consult the updated FAQs and continue to remain up to date with their requirements relating to geographical risk.