WOLFSBERG Publication of the Negative News Screening FAQs May 11, 2022
16/03/2023
The Wolfsberg Group is pleased to publish its Frequently Asked Questions (FAQs) on how undertaking screening for Negative News and other forms of adverse information can enhance a Financial Institution’s awareness of potential Financial-Crime risk posed by both existing and prospective customers.
These FAQs seek to set out relevant considerations which Financial Institutions may find useful in setting out standards with consideration to:
- Applying Negative News Screening (NNS) as part of a risk-based approach to Anti-Money Laundering and Counter-Terrorist Financing.
- Documenting a risk-based approach to NNS, taking into account the legal and regulatory requirements in the jurisdiction(s) in which the Financial Institution operates.
- Ensuring that NNS processes are both effective and efficient.
- Providing guidance on assessing the reliability of NNS sources and the materiality of NNS results as well as the configuration of screening systems, alert management, and associated governance.
The Group recognises the challenges faced by Financial Institutions given the breadth of this topic and hopes the FAQs will provide useful insight and overall contribute to more effective Financial-Crime risk management across the sector.
You can access the Negative News Screening FAQs here
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.