The Wolfsberg Group has published new guidance on the provision of banking services to non-bank payment service providers, setting out a practical, risk-based framework for financial institutions to understand, assess and manage the financial crime risks in these relationships. The update responds to the rapid growth of non-bank PSPs and the added complexity created by highly intermediated payment chains, including cross-border and bulk transactions, which can make monitoring and screening more difficult for banks. The guidance expands on existing Wolfsberg material by outlining common relationship types, associated risks, compliance obligations and risk management expectations for banks providing services to non-bank PSPs. It centers on three principles: a risk-based approach that tailors due diligence and monitoring to the specific activities of each PSP, payment transparency requirements linked to FATF Recommendation 16 and local rules, and comprehensive risk management based on a clear understanding of the PSP's business model, customer activity and financial crime controls. It also notes that debtor agent PSPs have the primary responsibility to ensure complete and accurate payment information, while intermediary PSPs are expected to preserve that information and identify incomplete details where required by law or regulation.
The Wolfsberg Group2026-07-15
The Wolfsberg Group issues guidance for banks serving non-bank payment service providers, focused on financial crime risk
The Wolfsberg Group has issued guidance for banks providing services to non-bank payment service providers, with a focus on managing financial crime risk in increasingly complex payment chains. The framework emphasizes risk-based due diligence, payment transparency and a strong understanding of each PSP's business model and controls. It also clarifies roles in meeting payment information requirements, including under FATF Recommendation 16.