Mission

Develop frameworks and guidance for the management of financial crime risks

Goals

The Wolfsberg Group is considered one of the first and oldest Collective Action initiatives. Originally established to address money laundering risks in private banking, the Group has expanded its scope to include additional financial crime risks within the financial services industry, such as corruption, terrorist financing and sanctions.

Stakeholders

The Wolfsberg Group is comprised of 12 global banks. Members are senior financial crime compliance leaders from the member banks. The Group became a legal entity in October 2021. Headquartered at the Basel Institute on Governance's premises, it is coordinated by a Secretariat and headed by an Executive Secretary. Working Groups bring together expert practitioners and cover a wide range of financial crime-related topics to issue new publications, or update older ones as needed, collecting best practices from its members to advise and support the industry.

Activities

Main activities include: - Standard setting for the Wolfsberg Group of banks on financial crime risks; - Participation in supranational fora for legislative developments in the field of financial crime; - Stakeholder engagement with members, industry (non-member banks), regulators and civil society; - Education and training.