WOLFSBERG GROUP NEW GUIDANCE ETC ON CORRESPONDENT BANKING DUE DILIGENCE

On 26^th February, Payments Compliance reported that, on February 22^nd, the Wolfsberg Group, published an updated Correspondent Banking Due Diligence Questionnaire (CBDDQ) and related guidance material.  It has also revised its 2004 Anti-Money Laundering Questionnaire for Correspondent Banks, seeking to set an enhanced and reasonable standard for correspondent banking due diligence.

The Wolfsberg Group is an association of 13 global banks that aims to develop frameworks and guidance for the management of financial crime risks, KYC and AML/CFT policies.  The Group says that 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.

http://www.wolfsberg-principles.com/articles/cbddq-publication-–-22-february-2018

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017