Wolfsberg CBDDQ

17 April 2020

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.

The Wolfsberg Group has updated the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and Financial Crimes Compliance Questionnaire (FCCQ) with changes focused on greater clarity and ease of use.

The principal changes are:

  • Questions CBDDQ ‘14’, ‘70’ and FCCQ ‘27’ were changed to refer to ‘non-resident’ rather than ‘offshore’ customers.
  • Question CBDDQ ’77’ and FCCQ ‘31’ have been changed to refer to ‘suspicious activity’ rather than from ‘currency’ reporting.
  • Question CBDDQ ‘94’ was removed and blanked out thus not changing the numbering of the following questions.
  • Various questions were updated so that responses are in a drop down format or additional options were added to provide more specific answers.

 Additionally, all guidance materials have been updated based on the changes to the questionnaires.

Questionnaire

  Wolfsberg's CBDDQ 170420 V1.3

  Wolfsberg's CBDDQ 170420 V1.3  (Excel Version)

  Wolfsberg's FCCQ 170420 V1.1

  Wolfsberg's FCCQ 170420  (Excel Version)

Guidance

  Wolfsberg's CBDDQ Completion Guidance 170420 V2.0

  Wolfsberg's CBDDQ FAQs 170420 V2.0

  Wolfsberg's CBDDQ Glossary 170420 V1.1

 

27 June 2019

The Wolfsberg Group has published a series of materials supporting the implementation of the Correspondent Banking Due Diligence Questionnaire (CBDDQ). These materials have been designed to aid ‘capacity building’ in the industry, as well as support the objectives of the G20 and other supranational organisations towards a well supervised and more harmonised regulatory standard in correspondent banking. The Wolfsberg Group expects that these materials will be very useful to public sector entities as they work with banks and countries looking to enhance their own financial crime compliance programs, as well as to banks and other financial institutions for their own training needs.

The materials can be found in the Capacity Building Materials subpage, accessed through the drop-down menu on the 'Wolfsberg CBDDQ' page. 

 

01 June 2018

The Wolfsberg Group has updated the Correspondent Banking Due Diligence Questionnaire (CBDDQ) due to a small number of administrative corrections.

The relevant changes are:

  • The correction of question ’15 a’ drop down, which read ‘5001-1000 employees’ instead of ‘5001-10000 employees’
  • Under the ‘Declaration Statement’,  the date format  has been standardised and the character allowance applied for Bank Name and Personnel Name fields have been increased.

 Additionally, the Wolfsberg CBDDQ FAQs has also been updated to correct an acronym spelling.

 

22 February 2018

The Wolfsberg Group is pleased to announce the publication of the updated Correspondent Banking Due Diligence Questionnaire (CBDDQ) and related guidance material (Completion Guidance, Frequently Asked Questions (FAQs) and Glossary).

The CBDDQ aims to set an enhanced and reasonable standard for cross-border and/or other higher risk Correspondent Banking Due Diligence, reducing to a minimum any additional data requirements, as per the Wolfsberg definition and current FATF Guidance. It is also the Group’s expectation that the Group members will begin to use the CBDDQ, in a phased approach, with all of their respondents.

In the long term, it is the Group’s view that the adoption of a standardised, reasonable CBDDQ should engender a less arduous, and thereby inherently less costly, due diligence process for Correspondent Banks, which, as it beds down, should also allow for a standard which all Financial Institutions, and their supervisors, can work towards achieving. This should, in the end, support the objectives of the G20 and other supranational organisations towards a well supervised and more harmonised regulatory standard in the correspondent banking space, with longer term positive effects on de-risking, access to finance, the development of trade and financial inclusion.

The Group is also conscious that its original questionnaire has been used in multiple other customer type due diligence scenarios and, therefore, while not seeking to prescribe how, or for which customer types, the questionnaire should be used, the Group has nonetheless issued the Wolfsberg Group Financial Crime Questionnaire (FCCQ) which is a shorter version of the CBDDQ and contains a basic set of questions to address Industry demand.

The Wolfsberg Group Secretariat has created a dedicated address for any CBDDQ related questions: ddq@wolfsberg-principles.com.

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