KYC reform catches up with tech evolution


February 09, 2018

As correspondent banking becomes fraught with issues, but remains a central aspect of business, the industry is seeing an overhaul of its guidelines to ensure high standards of due diligence while still allowing business to flow.

The update of the Wolfsberg questionnaire on due diligence has been expanded to take into account changes in expectations in correspondent banking. The Wolfsberg group, comprising 13 of the world’s biggest banks – including Bank of America, Credit Suisse and Société Générale – announced it was to release an updated versions of its due-diligence questionnaire (DDQ) at the end of 2017. As well as including additional questions, the group wanted to remove any ambiguity about what it is asking for and which institutions need to supply it.