The Wolfsberg Group (the Group) is pleased to announce that the supporting guidance for the Correspondent Banking Due Diligence Questionnaire (CBDDQ) has been translated into Portuguese (see links below). The translation of the materials has been led by Abracam (The Brazilian Exchange Association), a non-profit entity in Brazil which represents financial institutions authorised to operate in the Brazilian foreign exchange market, their correspondents, and companies supporting foreign exchange activities. The translation of the CBDDQ guidance into Portuguese complements previous translations of the guidance into French, Japanese and Spanish and represents the Group’s efforts in supporting the adoption of the CBDDQ across the world. The Wolfsberg CBDDQ has been recognised by the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI), the Financial Action Task Force (FATF) and the Financial Stability Board (FSB) as an industry initiative that can help address de-risking through the standardised application of KYC requirements. For Abracam, the translation of the CBDDQ supporting materials into Portuguese will help their joint initiative with other local industry associations, in collaboration with the Central Bank of Brazil in promoting higher standards in the Brazilian foreign exchange market by using the CBQQD as the underlying assessment framework. The Group’s Statement on Effectiveness makes clear that “an effective AML/CTF programme will also have the benefit of reducing friction on customers and helping governments with their objective of financial inclusion”. The initiatives from the Central Bank of Brazil, working through local industry partners like Abracam to support the use of CBDDQ as a common financial crime compliance framework, demonstrate this benefit in practice. The Group appreciates the leadership from Abracam in performing the Portuguese translation. The Wolfsberg Group is an association of 12 global banks committed to developing frameworks and guidance for the management of financial crime risks. The origins of the Group's CBDDQ date back to 2002, when the Group published its first Correspondent Banking Principles, in which the Group articulated its vision for, and encouragement and development of, an international due diligence registry for financial institutions. Since that time, what is now known as the CBDDQ has become the industry standard in correspondent banking due diligence.