Wolfsberg’s New Correspondent Banking Questionnaire Incorporates Specific Guidance to Aid in Sanctions Compliance

April 11, 2018
By: Anna Sayre, Legal Content Writer SanctionsAlert.com

In direct response to increased regulatory expectations for enhanced due diligence in correspondent banking relationships, the Wolfsberg Group (Wolfsberg), published its new Correspondent Banking Due Diligence Questionnaire (CBDDQ) in February 2018, incorporating a number of important changes. The new Questionnaireis not only four times as long as its 2014 predecessor, containing 110 instead of 28 questions, but has also expanded its scope to specifically address due diligence issues relating to Anti-Bribery and Corruption, Counter terrorism Financing,and Sanctions exposure controls. (more…)