Wolfsberg Group

Second Statement on Effective Monitoring for Suspicious Activity

The Wolfsberg Group, an association of international banks, has published its second statement on effective monitoring for suspicious activity, establishing a responsible transition framework for financial institutions adopting AI and machine learning in financial crime monitoring. The statement introduces three core pillars: transition and validation; balancing model risk with financial crime risk; and explainability to demonstrate transparency in coverage and effectiveness. The framework draws from member banks' experiences and technical workshops with financial intelligence units, policymakers, and supervisory authorities worldwide.

Guidance on the Provision of Banking Services to Fiat-backed Stablecoin Issuers

The Wolfsberg Group, a consortium of twelve international banks, has published guidance on managing financial crime risks when providing banking services to fiat-backed stablecoin issuers operating in regulated jurisdictions. The guidance addresses operating accounts, reserve management, and client settlement relationships, applying established AML/CFT principles to stablecoin-specific contexts.

Stevenson Munro Appointed Co-chair, Rachel Sloan Joins Management Committee

The Wolfsberg Group, an international association of major banks focused on anti-financial crime frameworks, has announced the appointment of Stevenson Munro as Co-chair and Rachel Sloan as a member of its Management Committee. Munro succeeds Jennifer Shasky Calvery of HSBC and brings prior OFAC experience. The leadership changes are effective immediately.