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