AML International Bodies

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AML INTERNATIONAL BODIES 

The following are other relevant international AML bodies. 

Egmont Group 

The Egmont Group of Financial Intelligence Units was set up in 1995 as an informal group for the stimulation of international cooperation of Financial Intelligence units. The group meets regularly to outline new co-operation strategies in the areas of information exchange, training and expertise sharing. 

The goal of the Egmont Group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programs in this field. This support includes:

• expanding and systematizing international cooperation in the reciprocal exchange of information;

• increasing the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs;

• fostering better and secure communication among FIUs through the application of technology, such as the Egmont Secure Web (ESW);

• fostering increased coordination and support among the operational divisions of member FIUs;

• promoting the operational autonomy of FIUs; and

• promoting the establishment of FIUs in conjunction with jurisdictions with an AML/CFT program in place, or in areas with a program in the early stages of development.

To view the Egmont Group website click here

Wolfsberg Group

The Wolfsberg group comprises of the following 11 global banks:

• Banco Santander

• Bank of Tokyo Mitsubishi UFJ

• Barclays

• Citigroup

• Credit Suisse

• Deutsche Bank

• Goldman Sachs

• HSBC

• J.P. Morgan Chase

• Societe Generale

• UBS.

The aim of the group is to develop financial services industry standards for KYC, AML and CFT policies.

The group publishes important papers on AML and CFT principles including:

• Wolfsberg Anti-Money Laundering Principles for Private Banking (Revised May 2002)

• Terrorist Financing

• Correspondent Banking

• Monitoring, Screening and Searching (Revised 2009)

• Risk Based Approach

More recently they have produced papers on the following:

• Wolfsberg Private Banking Principles click here

• Wolfsberg FAQs on Intermediaries click here

• Wolfsberg FAQs on Beneficial Ownership click here

To view the Wolfsberg Group website click here

Basel Committee on Banking Supervision (BCBS)

This Committee was established in 1974 and comprises of 27 Central Banks or Supervisory authorities. The purpose of the Committee is to formulate broad standards to be implemented in each national system.

The standards and guidance include the following areas:

• Transparency

• Account opening and customer identification

• CDD • International co-opearation.

To view the Basel Committee on Banking Supervision click here