The Wolfsberg Group is an association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks.

The Wolfsberg Group's goal has been to develop financial industry standards in the private sector for anti-money laundering (AML), know your customer (KYC) and counter terrorist financing (CTF) policies.

Mr. Reed turned to the new head of the Private Bank, Shaukat Aziz (later to become the Prime Minister of Pakistan) to take actions to both resolve allegations and ensure against future such events.

Mr. Aziz in New York called Frank Vogl, then vice chairman of the board of directors of Transparency International (based in Washington DC), to discuss a joint initiative.

In November 2002, the group published the Wolfsberg Correspondent Banking Principles, in which they recommended a risk-based approach to AML and to develop an international registry for financial institutions, where those would submit information useful for conducting due diligence.

After collaborating with Bankers Almanac, part of Accuity, it launched a Due Diligence Repository as a module separate from its service to support.

The Group also responds to consultations from the European Banking Authority (e.g. on the EU AML/CFT Legislative Package in October 2022, on Derisking in February 2023, mitigation of money laundering and terrorist financing risks by financial institutions and crypo-asset service providers in August 2023, and on the EBA Travel Rule in February 2024), and His Majesty’s Treasury (e.g. on the UK Supervisory regime in October 2023) The group announces its publications via its website and LinkedIn pages and offers interested parties the ability to sign up for its newsletter.

Robert Mazur, a former undercover US DEA agent investigating money laundering, called the Wolfsberg group "wolves [...] guarding the sheep".