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What is the Wolfsberg Group’s Principles for Correspondent Banking questionnaire (summarized)

The Wolfsberg Group’s Principles for Correspondent Banking questionnaire is a set of questions that financial institutions can use to assess the risk associated with establishing or maintaining a correspondent banking relationship. The questionnaire covers a range of topics, including the bank’s customer due diligence processes, anti-money laundering (AML) and counter-terrorist financing (CTF) policies, and risk management systems.

Here is a list of the questions that are included in the questionnaire:

  1. What is the nature of the bank’s business?
  2. What is the bank’s organizational structure and ownership?
  3. What is the bank’s customer base?
  4. What is the bank’s geographical focus?
  5. What is the bank’s risk profile?
  6. How does the bank manage its risk?
  7. What is the bank’s AML/CTF policy?
  8. How does the bank conduct customer due diligence (CDD)?
  9. How does the bank monitor transactions?
  10. How does the bank handle suspicious activity reports (SARs)?
  11. What is the bank’s policy on Politically Exposed Persons (PEPs)?
  12. What is the bank’s policy on compliance with economic sanctions?
  13. How does the bank handle complaints and disputes?
  14. How does the bank handle breaches of its AML/CTF policy?
  15. How does the bank handle requests for information from regulatory authorities?

This page was last updated on January 3, 2023.