Wolfsberg Group Publishes Updated Iterations of CBDDQ and FCCQ

The document published include: 

• The CBDDQ updates see the addition of a new Fraud section alongside questions pertaining to Whistleblower policies, Virtual Bank Licencing, and Sanctions policy approval; with corresponding changes made to the FCCQ.
• The Group’s recommended timeframe for the update of the Questionnaires has been changed to 12-18 months so as to better align with CDD review periods.
• The Completion Guidance and Capacity Building Guidance documents have been combined, providing further guidance to Correspondent and Respondent banks.

Firms should read the updated Questionnaires and supporting guidance documents and identify any potential changes to their operations that may be required.