On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents.
The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank license, the approval of sanctions policy. Other changes have been made to improve the logic, usability and flow of the questionnaire. Commensurate changes have also been made to the FCCQ to ensure consistency.
The FAQ and Glossary documents have been updated to address changes in the questionnaires. Notably, in the FAQs, the recommended timeframe for update of the questionnaires has been adjusted to 12-18 months.