Revised anti-money laundering principles for private banking – The Wolfsberg Group has published revised anti-money laundering principles for private banking. The principles are designed, in particular, to prevent the use of a bank’s worldwide operations for criminal purposes and minimise the risk of money laundering. These principles will be periodically updated to take into consideration relevant developments.

In addition, frequently asked questions (FAQs) in relation to the following topics have been published:

1. • beneficial ownership in the context of private banking; and
2. • intermediaries and holders of powers of attorney/authorised signers in the context of private banking.

Copies of the revised principles and FAQs on Beneficial Ownership and on Intermediaries and Holders of Powers of Attorney/Authorised Signers are available.

http://www.wolfsberg-principles.com/pdf/Wolfsberg-Private-Banking-Prinicples-May-2012.pdf

http://www.wolfsberg-principles.com/pdf/Wolfsberg-FAQs-on-Beneficial-Ownership-May-2012.pdf

http://www.wolfsberg-principles.com/pdf/Wolfsberg-FAQs-on-Intermediaries-May-2012.pdf