[[{“value”:”Applying the Wolfsberg Correspondent Banking Due Diligence Questionnaire in Brazil
The Wolfsberg Group (the Group) has engaged with ABRACAM – Associação Brasileira de Câmbio (The Brazilian Foreign Exchange Association) to better understand their proposal to introduce a process to validate local institutions’ responses to the Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ), with the validation performed by an independent auditing company.
This initiative has seen Abracam working alongside other local entities, highlighting the CBDDQ’s comprehensive coverage of the essential aspects of an obliged entity’s financial crime compliance control framework. A key part of this collaboration has been the promotion of high standards in the foreign exchange market through the assessment and certification of the obliged entity’s AML program, which can be enhanced by the application of the CBDDQ – a market segment outside the CBDDQ’s original design.
To know more about this initiative, look at the news on our website:
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