A Guide to Anti-Money Laundering for Crypto Firms

Overview of the Wolfsberg Group

Wolfsberg Group

The Wolfsberg Group, an association of 13 global banks, is one of the several non-governmental organisations that are involved in managing the international economy. The group was founded in 2000 with the aim of contributing to financial industry standards for anti-money laundering (AML), Know Your Customer (KYC), and counter-terrorist financing (CTF/CFT).

The Wolfsberg Group periodically meets with financial industry bodies, such as the International Banking Federation, the European Banking Federation, the New York Clearing House, and SWIFT, where the groups discuss developments in various areas of financial crime and consider which actions and policies might form the most effective response. In addition, the group semi-regularly releases additions to the Wolfsberg Standards, a collection of reports that consists of the various sets of AML principles, as well as related statements, issued by the group since its founding. The Wolfsberg Group also created an Anti-Money Laundering Questionnaire to help provide a comprehensive overview of what anti-money laundering practices and policies institutions follow.

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