February 26,2020

MENA FCCG Releases Arabic Version of Wolfsberg’s CBDDQ Guidance

In collaboration with the Union of Arab Bank (UAB) and the Wolfsberg Group, the MENA FCCG released an Arabic version of Wolfsberg’s Correspondent Banking Due Diligence Questionnaire (CBDDQ) Guidance. The 64-pages document is intended to facilitate the completion of Wolfsberg’s revised  CBDDQ providing better understanding of the underlying risks of correspondent banking activities and what steps a respondent can take to meet current industry standards.   Refer to Publications Section

The release of this Arabic version builds on MENAFCCG’s commitment to support the proper implementation of Wolfsberg’s revised CBDDQ across the MENA region. MENA FCCG collaboration with Wolfsberg on the revised CBDDQ started back in April 2019 when the Group held a workshop with Wolfsberg aimed to equip MENA FCCG members with expertise and enhanced knowledge in order to convey this knowledge to MENA banks via workshops resulting in enhanced implementation across the region. Indeed, MENA FCCG has already provided CBDDQ awareness sessions in a number of MENA countries with additional workshops planned.