The Wolfsberg Group published a statement on the risk-based approach (RBA) to financial crime compliance, emphasising proportionality, prioritisation and effectiveness and calling for rejection of a “zero failure” approach. The statement positions the RBA as an outcomes-focused framework intended to support more practical decision-making across regulators, law enforcement and the private sector. It aligns this stance with the Financial Action Task Force’s Recommendation 1 reforms and its guidance on financial inclusion, and re-establishes the Group’s commitment to the RBA. The statement includes a pledge to update the Wolfsberg Group’s 2006 RBA guidance and refresh other related materials, including its 2015 FAQs on risk assessments, and references work in the first half of 2025 with members and external stakeholders to further embed the RBA through practical activities.
The Wolfsberg Group 2025-07-22
The Wolfsberg Group releases statement reinforcing the risk-based approach and pledges to update its 2006 guidance
The Wolfsberg Group issued a statement advocating for a risk-based approach (RBA) to financial crime compliance, emphasizing proportionality and effectiveness while rejecting a "zero failure" approach. The statement aligns with the Financial Action Task Force’s reforms and includes plans to update the Wolfsberg Group’s 2006 RBA guidance and related materials.