WOLFSBERG GROUP NEW GUIDANCE ETC ON CORRESPONDENT BANKING DUE DILIGENCE

On 26th February, Payments Compliance reported that, on February 22nd, 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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: