The Wolfsberg Group's 2012 'Principles for Private Banking' established that:

While due diligence is indeed important in private banking to mitigate risks, the statement does not specifically capture the essence of the Wolfsberg Group's principles, which focus more on ownership transparency rather than solely on due diligence measures.

This choice suggests a need for coordination in anti-money laundering (AML) strategies, which, although relevant, does not directly reflect the emphasis on beneficial ownership transparency that is highlighted in the 2012 principles.

The statement implies that risk-based approaches fail to meet the challenges of private banking, which contradicts the principles that advocate for a comprehensive understanding of risks, including those related to beneficial ownership. The principles support risk-based approaches as part of a broader compliance strategy.