Following the publication of the updated Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ), The Financial Stability Board (FSB), The Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the Financial Action Task Force (FATF) have released a joint statement welcoming this development.

The four institutions have recognised the CBDDQ as being ‘one of the industry initiatives that will help to address the decline in the number of correspondent banking relationships by facilitating due diligence processes.’

The Wolfsberg Group is pleased to receive such support for the Questionnaire and the benefit that it shall bring to the industry through the promotion of standardised Correspondent Banking Due Diligence.

To view the full press release please follow the link below