WOLFSBERG NEWS
Correspondent Banking Due Diligence Questionnaire - new version publication

The Wolfsberg Group is pleased to announce the release of version 1.3 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) along with updated supporting FAQs, Completion Guidance and Capacity Building Guidance. In order to maintain the adoption rate of the CBDDQ as the industry transitions away from the Wolfsberg AML Questionnaire the changes to the CBDDQ have been incremental and are focused on improving its ease of use and enhancing its readability; one question has been eliminated and some of the wording has been clarified. The Wolfsberg Group calls upon the banking industry and supervisors to continue the acceleration of the adoption of the CBDDQ as the standard for higher risk correspondent banking activity.

 

As early adopters of the CBDDQ the member banks of the Wolfsberg Group have been incorporating the questionnaire into their due diligence programs and respondent banks should, if they have not done so already, be using the CBDDQ and may expect to find that a Wolfsberg AML Questionnaire will no longer be deemed sufficient by their correspondents.

 

Supporting materials for how to complete the CBDDQ can be found at the following link https://www.wolfsberg-principles.com/wolfsbergcb

Back Office Consolidation
CBDDQ
Controls for New Payment Methods
Credit Cards
DFS 504 Rule
Digital Identity
Effectiveness
FinTech/RegTech
Future of Surveillance
Models & Methodologies
Negative News Best Practice
Retail Banking
RFI Benchmarking
Role of FCC professional
Sanctions
Source of Wealth/Source of Funds
Tax Transparency
Terrorist Financing and High Risk Charities
Trade Based Money Laundering
Vendor Procurement Due Diligence / ABC Control Framework
Recent articles
Publication of Wolfsberg Group statement on Developing an Effective AML/CTF Programme
Publication of Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs
Correspondent Banking Due Diligence Questionnaire - new version publication