The Wolfsberg Group has released Version 1.4 of its Correspondent Banking Due Diligence Questionnaire (CBDDQ), the organisation said.
It has also completed Version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents.
Wolfsberg is a group of leading banks looking at AFC policies.
The CBDDQ updates include a new section on Fraud and additional questions related to Whistleblower Policy, Virtual Bank License, the approval of Sanctions Policy.
Other changes are designed to improve the logic, usability and flow of the questionnaire.
The Declaration Statement has been updated to include a revised period for update of the Questionnaire. Commensurate changes were made to the FCCQ to ensure consistency with CBDDQ v1.4.
Previously issued Completion Guidance and Capacity Building Guidance have been combined into a single guidance document, which highlights the potential risk addressed by questions and considerations the Respondent should make while responding to the question.
Guidance notes are also provided for those questions where further explanation or definition would serve to aid readers’ understanding.
The FAQ and Glossary documents have also been updated to address changes in the Questionnaires.
“Of note in the FAQs, the recommended timeframe for update of the Questionnaires has been adjusted to 12-18 months. This change addresses concerns of perceived expiration date of the questionnaire on a specific date which can cause delays when this date does not align with CDD review period,” the Group says.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
