The Group's Correspondent Banking Due Diligence Questionnaire (CBDDQ) sets 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.
The CBDDQ covers a wide range of financial crime risks and is the successor to the Wolfsberg AML Questionnaire which was first issued in 2004. The Wolfsberg Group Financial Crime Compliance Questionnaire (FCCQ) is a shorter version of the CBDDQ designed to address relationships other than those deemed higher risk. The CBDDQ and FCCQ are revised and updated periodically on an as needed basis.
By minimising additional data requirements, using the CBDDQ/FCCQ may help cut costs of compliance and speed up new onboarding. This benefits both correspondent and respondent banks. Their widespread adoption means the CBDDQ/FCCQ also contributes to raising standards overall, strengthening the international financial system and mitigating de-risking.
