Global groups join on payment transparency measures
(23 April 2007 – USA) The Wolfsberg Group and bank-owned The Clearing House Association have issued a statement endorsing measures to enhance the transparency of international wire transfers to promote the effectiveness of global anti-money laundering and anti-terrorist financing programs.
The Wolfsberg Group is an association of twelve global banks formed in 2000 at the Château Wolfsberg in Switzerland to develop financial services industry standards and products for anti-money laundering and counter terrorist financing policies.
The Wolfsberg Group consists of ABN AMRO, Banco Santander Central Hispano, Bank of Tokyo - Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Societe Generale and UBS.
The Clearing House Association consists of Bank of America, Bank of New York, Citibank, Deutsche Bank, HSBC, JPMorgan Chase, LaSalle Bank, UBS, Wachovia Bank and Wells Fargo Bank.
According to a joint statement put out by the two groups, the measures include "the development of an enhanced payment message format, which would include more detailed information about those conducting wire transfers in certain instances, as well as calling for the global adoption of basic messaging principles aimed at promoting good practice with respect to the payment system".
"The smooth functioning of this system is vital to global financial stability. The steps outlined above will both better protect the integrity of the system and help ensure its continued efficient functioning."
The Wolfsberg Group consists of ABN AMRO, Banco Santander Central Hispano, Bank of Tokyo - Mitsubishi UFJ, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Societe Generale and UBS.
The Clearing House Association consists of Bank of America, Bank of New York, Citibank, Deutsche Bank, HSBC, JPMorgan Chase, LaSalle Bank, UBS, Wachovia Bank and Wells Fargo Bank.
According to a joint statement put out by the two groups, the measures include "the development of an enhanced payment message format, which would include more detailed information about those conducting wire transfers in certain instances, as well as calling for the global adoption of basic messaging principles aimed at promoting good practice with respect to the payment system".
"The smooth functioning of this system is vital to global financial stability. The steps outlined above will both better protect the integrity of the system and help ensure its continued efficient functioning."
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