The Wolfsberg Group updated its 2017’s Anti-Bribery and Anti-Corruption Guidelines and published the new version yesterday. It promotes the culture of ethical business and compliance with ABC legal requirements.
This guidance is a Risk-Based Approach for adequate development and implementation of compliance programs to detect, prevent and report Bribery and Corruption of all sorts. It is to be noted that no ABC compliance system can completely mitigate corruption and bribery and it is not a one-size-fits-all solution, so the guidance can help in the mitigation of Bribery and Corruption risks by using the following elements:
- Firms should have a wide ABC policy
- Well-coordinated and well-structured governance with roles and responsibilities to top management
- Risk Assessment for Bribery and Corruption and establishing controls
- Training Awareness and evaluation of the compliance program adequacy
- Monitoring and testing for compliance and identification of failure in compliance as per laws and regulations
The link to the updated guidelines document is here.
Also Read: Veriff Launched Cutting-Edge KYC Education Center to Simplify Identity Verification |