Abu Dhabi, 27 November, 2019: UAE Banks Federation (UBF) hosts today 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.
H.E AbdulAziz Al Ghurair, Chairman of UBF, said: “At UBF, we are committed to safeguarding the financial environment to ensure it is conducive for doing business and enables the economy to grow. This training workshop demonstrates our dedication to supporting the implementation of Wolfsberg Group’s CBDDQ across the UAE and enhancing regulatory standards and practices. As globalization increases, it’s crucial that we continue to promote collaboration and establish a dialogue between key stakeholders in the global finance industry in order to further foster positive cross-border correspondent banking relationships.”
Wolfsberg Group is an association of key global banks that develops frameworks and guidance standards for the management of financial crime, know your customer (KYC) processes, anti-money laundering and countering, and financing of terrorism policies. MENA FCCG is a body that aims to bring collective action in the fight against money laundering and terrorist finance in the region.