The Wolfsberg Group, which is an association of 13 global banks, has published materials to supplement the implementation of the Correspondent Banking Due Diligence Questionnaire (CBDDQ). The CBDDQ was published on 22 February 2018 in order to update the original Wolfsberg 2004 Anti Money Laundering Questionnaire. The CBDDQ aims to set an enhanced and reasonable standard for cross-border and other higher risk correspondent banking due diligence. In the long term, if adopted across the finance industry, the CBDDQ aims to establish a better overall industry standard, combat financial crime and strengthen the international financial system.
The new materials are designed to aid ‘capacity building’ in the industry and support the objectives of the G20 and other international organisations towards establishing a better supervised and stronger regulatory standard in the correspondent banking industry, focusing on the reduction of de-risked correspondent banking relationships. These materials include a video providing an overview of the development and purpose of the CBDDQ; a series of 12 high level training videos covering each section of the CBDDQ; and a detailed review of the majority of the questions in the CBDDQ.
The Wolfsberg Group expects that these materials, used in conjunction with the CBDDQ itself, will prove “useful to public sector entities as they work with banks and countries looking to enhance their own financial crime compliance programmes as well as to banks and other financial institutions for their own training needs.”