Standard setters welcome effort to halt correspondent banking decline

The Bank for International Settlements, Basel
The Financial Stability Board welcomed the Wolfsberg Group action
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 comp

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