Wolfsberg Group guidance on the provision of banking services to non-bank PSPs

The Wolfsberg Group has published guidance on the provision of banking services to non-bank payment service providers (PSPs). The guidance is intended to help banks identify, assess and manage the financial crime risks arising from relationships with non-bank PSPs, recognising the increasing complexity of payment chains and the growing role of such firms in the payments ecosystem. It sets out a risk-based framework covering common business relationships, associated financial crime risks, compliance obligations and risk management expectations.

The guidance emphasises the need to: (i) apply a risk-based approach to due diligence and monitor the risks presented by different non-bank PSP activities; (ii) ensure payment transparency through complete and accurate payment information; and (iii) maintain a thorough understanding of a PSP's business model, customer activities and financial crime controls.

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