The Wolfsberg Group has completed two new significant pieces of work that are intended to strengthen the international financial system. These are the new Wolfsberg Correspondent Banking Due Diligence Questionnaire (the Questionnaire) and the revised Payment Transparency Standards.
In 2002 the Wolfsberg Group published principles around correspondent banking including the articulation of a vision for international compliance standards and an international due diligence registry for correspondent banking. The principles were followed in 2004 by a due diligence questionnaire which reflected industry practice at that time. The due diligence questionnaire was updated in 2014. The Questionnaire reflects a significant update to the original due diligence questionnaire in the sense that it constitutes a “reasonable and enhanced” question set likely to be satisfactory in most situations, barring very exceptional cases. The Wolfsberg Group expects that, when completed, the Questionnaire will satisfy the Financial Action Task Force’s (FATF) Recommendation 13, that for “cross border correspondent banking” additional due diligence requirements must be undertaken, including for so called “high risk” correspondent banks.
In 2007 the Wolfsberg Group published a statement on payment message standards which was supported by the Clearing House Association. The Wolfsberg Group has now published additional standards which it hopes will, in time, apply to any payment activity covered by FATF’s Recommendation 16, clarifies roles and responsibilities and expectations on originators.
View The Wolfsberg Correspondent Banking Due Diligence Questionnaire 2017, 16 October 2017
View Wolfsberg Group Payment Transparency Standards, 16 October 2017