The UAE’s first workshop on Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ) under the supervision of UBF’s Compliance Committee and in collaboration with Wolfsberg Group and MENA Financial Crime Compliance Group (MENA FCCG). Held in Abu Dhabi, the training workshop aims to enhance the implementation of correspondent banking due diligence across the region, and provide an overview of the purpose and structure of the questionnaire and guidance on how best to complete it.
Wolfsberg Group published an updated CBDDQ and related guidance material in February 2018, which is a template that aims to provide a standardized overview of financial institutions’ correspondent banking policies and practices and enables banks to enter cross-border correspondent banking relations more effectively and efficiently. The workshop was attended by UBF member banks.
