Financial Action Task Force on Money Laundering
The Wolfsberg Group is a non-governmental association of thirteen global banks. 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. In addition to its AML-activities, the Wolfsberg Group also serves as a collective action group in the field of anti-corruption. 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.