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Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ) V1

Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ) V1 2025

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The Wolfsberg Group Correspondent Banking Due Diligence Questionnaire (CBDDQ) V1.2 is a comprehensive document designed for financial institutions to assess and report their compliance with anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions regulations. It requires detailed responses at the legal entity level, covering aspects such as ownership structure, products and services offered, AML/CTF programs, anti-bribery measures, policies and procedures, risk assessments, customer due diligence (CDD), monitoring practices, payment transparency, sanctions compliance, training requirements, quality assurance processes, and audit mechanisms. The questionnaire emphasizes the importance of transparency and effective controls in combating financial crime.

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What is a due diligence questionnaire?

Correspondent Banking Due Diligence Questionnaire (CBDDQ): The questionnaire includes detailed queries that financial institutions must answer to demonstrate compliance with AML, Counter-Terrorist Financing (CTF), and other regulatory standards.

What is the Wolfsberg questionnaire for banks?

The Wolfsberg questionnaire for banks contains more than 100 questions and an expanded scope around new financial crimes, including anti-money laundering (AML).

What is a correspondent banking due diligence questionnaire?

Across its 110 questions, the CBDDQ probes for information regarding an FIs AML efforts and controls, inclusive of its: quality assurance/compliance testing, audits, training and education, sanctions, payment transparency, monitoring and reporting, Know Your Customer (KYC)/Customer Due Diligence (CDD)/Enhanced Due

What is the purpose of the Cbddq?

Enhanced due diligence Correspondent banks should conduct thorough due diligence on their customers, including foreign respondent banks, to understand risk profiles adequately before doing business and on an ongoing basis.

What is the difference between Wolfsberg CBDDQ and Fccq?

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.