Abu Dhabi: UAE Banks Federation (UBF) hosted yesterday the UAE’s first workshop on Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ) under the supervision of UBF’s Compliance Committee and in collaboration with Wolfsberg Group and MENA Financial Crime Compliance Group (MENA FCCG). Held in Abu Dhabi, the training workshop aims to enhance the implementation of correspondent banking due diligence across the region, and provide an overview of the purpose and structure of the questionnaire and guidance on how best to complete it.
Wolfsberg Group published an updated CBDDQ and related guidance material in February 2018, which is a template that aims to provide a standardized overview of financial institutions’ correspondent banking policies and practices and enables banks to enter cross-border correspondent banking relations more effectively and efficiently. The workshop was attended by UBF member banks.
H.E AbdulAziz Al Ghurair, Chairman of UBF, said: “At UBF, we are committed to safeguarding the financial environment to ensure it is conducive for doing business and enables the economy to grow. This training workshop demonstrates our dedication to supporting the implementation of Wolfsberg Group’s CBDDQ across the UAE and enhancing regulatory standards and practices. As globalization increases, it’s crucial that we continue to promote collaboration and establish a dialogue between key stakeholders in the global finance industry in order to further foster positive cross-border correspondent banking relationships.”
Wolfsberg Group is an association of key global banks that develops frameworks and guidance standards for the management of financial crime, know your customer (KYC) processes, anti-money laundering and countering, and financing of terrorism policies. MENA FCCG is a body that aims to bring collective action in the fight against money laundering and terrorist finance in the region.
For further information, please contact:
Dr. Soha Emam
UAE Banks Federation
Tel No.: +971 2 446 7706
Mobile No.: +971502731753
Mobile No.: +971529359464
Mobile No.: +971504115226
About UAE Banks Federation:
Established in 1982, UAE Banks Federation is a professional representative body comprising 52-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, to promote and upgrade UAE's banking sector for the benefit of banks, customers, and the overall UAE economy.
UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and expertise among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of banks to the UAE.
The Federation has a CEOs Advisory Council that consists of 28 Banks' CEOs which oversees the implementation of UBF's policies, follow up on UBF's activities and makes necessary decisions, by the General Secretariat of UBF and its 20 specialized technical committees who discuss all relevant banking issues.
© Press Release 2019