According to the annex to the ESA's Joint Committee statement (mentioned above), the Joint Committee has established various workstreams aiming at delivery of the envisaged ESAs’ regulatory mandates pursuant to the Fourth Money Laundering Directive (4MLD) and the revised Wire Transfer Regulation, which include one Joint Opinion, three Guidelines and two RTSs. First public consultations are expected in October 2015.
- Draft RTS on appointment and functions of the Central Contact Point (4MLD)
- Guidelines on Simplified and Enhanced Due Diligence (4MLD)
- Guidelines on Risk-Based Approach to AML Supervision (4MLD)
- Joint Opinion on the Risk of Money Laundering and Terrorist Financing affecting the Financial Sector (4AMLD)
The Wolfsberg Group is an association of 13 leading international financial institutions. It aims to develop frameworks and guidance for the management of financial crime risks, particularly with regard to AML, CTF and know your customer (KYC) policies.
The Wolfsberg Group issued Frequently Asked Questions on Risk Assessments for Money Laundering, Sanctions and Bribery & Corruption. The FAQs cover issues including:
- The purpose, frequency and organisation of risk assessments.
- The responsibility within a firm for conducting a risk assessment.
- The scope of a money-laundering risk assessment and, in particular, whether it should extend to bribery and corruption.
- The methodology for risk assessments.
- The approach firms should take to the issues highlighted during a risk assessment.
- The impact of a risk assessment on a firm's risk appetite.