Standard setters welcome effort to halt correspondent banking decline

The Bank for International Settlements, Basel
The Financial Stability Board welcomed the Wolfsberg Group action
Photo: Ulrich Roth

Global standard setters have welcomed an industry-led initiative to standardise the data gathered, as banks establish new correspondent banking links.

The Wolfsberg Group, a gathering of 13 global banks, published a standardised “correspondent banking due diligence questionnaire” (CBDDQ) in late February.

The move is intended to lean against a retreat by many banks from correspondent banking, where a bank provides services such as payments to other banks. They cite the significant cost of

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.