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Wolfsberg Questionnaire (CBDDQ)Version 1 3 Now Available

Wolfsberg Questionnaire (CBDDQ)Version 1 3 Now Available 2025

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The document is the Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ) V1.3, which outlines a comprehensive framework for financial institutions, specifically Bank of the West, to assess and report on their compliance with anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions regulations. It includes sections on entity ownership, products and services offered, AML/CTF policies, anti-bribery measures, risk assessments, customer due diligence (CDD), monitoring processes, payment transparency, sanctions compliance, training programs, quality assurance testing, and audit practices. The questionnaire emphasizes the importance of maintaining effective controls to combat financial crime and ensuring transparency in international transactions.

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What is the purpose of the Cbddq?

Key Takeaways. A central bank digital currency (CBDC) is the digital form of a countrys fiat currency. A nations monetary authority, or central bank, issues a CBDC, which promotes financial inclusion and simplifies the implementation of monetary and fiscal policies.

What is the difference between Wolfsberg FCCQ and Cbddq?

CBDDQ/FCCQ The CBDDQ is revised and updated periodically on an as needed basis. A shorter version, the Wolfsberg Group Financial Crime Compliance Questionnaire (FCCQ), was also developed to address relationships other than those deemed higher risk.

Who has to complete Wolfsberg questionnaire?

The questionnaire is required to be answered on a Legal Entity (LE) Level. The Financial Institution should answer the questionnaire at the legal entity level including any branches for which the client base, products and control model are materially similar to the LE Head Office.

What is the purpose of the Fccq?

Financial Crime Compliance Questionnaire (FCCQ): The FCCQ is a broader tool that supports financial institutions in assessing their financial crime compliance programs. Unlike the CBDDQ, which focuses on correspondent banking, the FCCQ applies to various sectors and institutions.

How often should Wolfsberg questionnaire be updated?

Wolfsbergs recommended implementation The Wolfsberg Group recommends that institutions begin using the CBDDQ first with new customers, and later expand to existing customers as part of those customers periodic reviews. Completed questionnaires should be reviewed at least annually.

What is Cbddq?

Developed and published by the Wolfsberg Group, the Correspondent Banking Due Diligence Questionnaire (CBDDQ) seeks to help Financial Institutions conducting due diligence on Correspondent Banking relationships, as per regulatory requirements and their own internal policies and procedures.

What is the Wolfsberg questionnaire?

The Wolfsberg Questionnaire serves as a fundamental tool for financial institutions worldwide, aimed at assessing their Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures.

Wolfsberg Questionnaire (CBDDQ)Version 1 3 Now Available 2025

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