Research and Advocacy
- The Wolfsberg Group has published a new Due Diligence Questionnaire on Correspondent Banking as a primary initiative to help address the decline of Correspondent Banking Relationships. Prior to this, there was no standardized format for information required in maintenance of Correspondent Banking Relationships.
According to Wolfsberg, the new form will aim to set an enhanced standard for Correspondent Banking Due Diligence and reduce additional data requirements to a minimum. The questions explore the respondent bank’s KYC Utilities, AML/CTF programs, Products and Services and Payments Transparency, to name a few. This standardized document should result in a less tedious and costly due diligence process for Correspondent Banks and provide a standard for all financial institutions to work towards achieving.Questionnaire: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/Wolfsberg%27s_CBDDQ_220218_v1.2.pdf
Press Release: http://www.fsb.org/2018/03/bcbs-cpmi-fatf-and-fsb-welcome-industry-initiative-facilitating-correspondent-banking/
- Business Focus Article on Challenges for the Industry -CAB
- Deloitte US Banking Regulatory Outlook 2017
- Correspondent Banking and De-Risking in the Caribbean by Ian R. De Souza – June 2017
- Summary of Correspondent Banking Survey by CAB – October 2016