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MAS Announces Support for The Wolfsberg Group’s Due Diligence Questionnaire

Monetary Authority of Singapore (MAS) has announced support for The Wolfsberg’s Group Correspondent Banking Due Diligence Questionnaire (CBDDQ questionnaire), published in February 2018.  The questionaire will enable banks to enter cross-border correspondent banking relationships efficiently, by standardizing the information that correspondent banks should ask of respondent banks, to assess the latter’s risks and controls, when opening a correspondent relationship.

” MAS Announces Support for The Wolfsberg Group’s Due Diligence Questionnaire “

Correspondent banking relationships have been declining in recent years as banks increases anti-money laundering control.  Firms in impacted countries were not able to send and receive international payments, affecting trades and financial transactions.  Correspondent banking allow banks to access financial services in other jurisdictions and to provide cross-border payment services to their customers.

The CBDDQ questionnaire will  increase banks’ ability to provide cross-border financial transactions and will improve correspondent banking relationships.  The Wolfsberg Group is an industry association comprised of 13 global banks that aims to develop frameworks and guidance for the management of financial crime risks, know your customer (KYC), anti-money laundering and countering the financing of terrorism (AML/CFT) policies.

Ho Hern Shin, Assistant Managing Director, MAS:

“The CBDDQ will enhance global access to finance and promote trade.  We urge banks in Singapore to incorporate the questionnaire into their risk assessment process for setting up cross-border correspondent banking relationships”

 

The Correspondent Banking Due Diligence Questionnaire (CBDDQ)

The Correspondent Banking Due Diligence Questionnaire (CBDDQ) was published by the Wolfsberg Group in February 2018.  This was part of a range of multilateral efforts by the international community to arrest a global decline in the number of correspondent banking relationships, support international trade, and to enhance stability and integrity of the global financial system by reducing the use of unregulated or unlicensed payment services. The CBDDQ is available at the following here.

A joint statement by the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI), the Financial Action Task Force (FATF) and the Financial Stability Board (FSB) in support of the CBDDQ is available here

Source: MAS

 

About Monetary Authority of Singapore

Monetary Authority of Singapore
Monetary Authority of Singapore

Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.

  • Origin : Singapore
  • Assets : USD 385.12 billion
  • Revenue : USD 1.89 billion

Official Website: www.mas.gov.sg

News & Media: Press Release

Updated on 8th August 2016

 

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