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:
- What is the nature of the bank’s business?
- What is the bank’s organizational structure and ownership?
- What is the bank’s customer base?
- What is the bank’s geographical focus?
- What is the bank’s risk profile?
- How does the bank manage its risk?
- What is the bank’s AML/CTF policy?
- How does the bank conduct customer due diligence (CDD)?
- How does the bank monitor transactions?
- How does the bank handle suspicious activity reports (SARs)?
- What is the bank’s policy on Politically Exposed Persons (PEPs)?
- What is the bank’s policy on compliance with economic sanctions?
- How does the bank handle complaints and disputes?
- How does the bank handle breaches of its AML/CTF policy?
- How does the bank handle requests for information from regulatory authorities?
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This page was last updated on January 3, 2023.
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