March 26, 2024

Over the last months the Wolfsberg Group has published numerous articles ranging from Countering Terrorist Financing to Country Risk FAQs and the Travel Rule Guidelines.

For us at i-KYC these are topics that we frequently discuss with prospects and clients, from a training perspective of course. Let us elaborate on that link of these topics to our courses and how the organisations that we work with use these e-learnings.

Let’s start with CTF, Countering Terrorist Financing, also sometimes referred to as or linked to Sanctions Compliance or Export Controls. We work mostly with financial institutions, but sanctions are relevant for any firm with cross-border payments, services, goods, transactions or even business relations. Almost all staff in any type of organisation need to have a basic understanding of sanctions regulations and their impact on day-to-day operations. That’s what we keep repeating to all our clients and prospects and that basic awareness is exactly the objective of our Sanctions Course.

Country Risk is something that is most relevant in a KYC, CDD or Client Onboarding context. Where a client is located, is doing business, has trade relations with or transacts with, is relevant in dealing with clients and executing transactions. Country risk drives the risk rating of clients and transactions and as a result determines the efforts an organisation needs to take to safeguard doing business with that relation. In any client onboarding, periodic review or transaction monitoring process, ‘country’ is always a determining factor in risk assessment and identification of potential red flags. Also, this is a topic that is relevant to a wide range of organisations, not only banks but also accountants, corporate service providers, insurance companies, real estate agents, shipping companies, luxury goods merchants and traders need to have a basic understanding of client- and transaction-risk and that is exactly what we try to achieve in our e-learnings.

The Travel Rule is a ‘different animal’ it’s relevant mostly to VASPs (Virtual Asset Service Providers) but as a consequence also to any company dealing with a crypto firm. Many staff members in more traditional financial institutions are probably of the opinion that they need not have any knowledge of the Travel Rule or any other regulations pertaining to virtual currencies. A basic understanding and awareness is however required in many organisations. The courses we have on the topic range from an introduction on virtual assets in general to a much more comprehensive course on regulations pertaining to virtual assets.
Any organisation with learning needs in the field of financial crime prevention and compliance could benefit from the advise and papers of an organisation like the Wolfsberg Group. And from our courses.