Wolfsberg Group

The Wolfsberg Group is a non governmental association of thirteen global banks, founded in 2000 at the Château Wolfsberg, near Ermatingen,(Switzerland). Its goal has been to develop financial industry standards for Anti-money laundering (AML), Know Your Customer (KYC) and Counter Terrorist Financing (CTF) policies. Its work is similar to what the Financial Action Task Force on Money Laundering (FATF) does on a government level. The Wolfsberg Group has criticized FATF's draft AML revision as "too prescriptive and too narrowly conceived". The Group operates in relative obscurity without press coverage.

In 1998 Peter Eigen and Fritz Heimann, representatives from Transparency International, Stanley Morris, former director of FINCEN and consultant of Interpol and Mark Pieth, professor of Criminology of the University of Basel met about how to encourage US banks to develop anti-money laundering (AML) standards. In 1999, they approached a group of international banks to join. There were 8 banks and except for the US and Switzerland most countries were represented by their largest private bank. Later "a major US investment bank, a large bank from Japan, and a Spanish bank" joined for the original 11 member-group.

In 2000, the Wolfsberg Group was an association of the following eleven global banks: Banco Santander, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan Chase, Société Générale, UBS Banks. It took its name from the Château Wolfsberg, where it held their first meetings and where they hold their annual forum. After 9/11, the group changed its focus to counter-terrorist financing standards.

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