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Wolves berg Group Correspondent Banking Due Diligence Questionnaire (BDD) V1.3Financial Institution Name: Location (Country) :United Overseas Bank (Thai) PCL. Thailand questionnaire is required to

How to fill out correspondent banking due diligence

How to fill out correspondent banking due diligence

1. Obtain the necessary documentation from the correspondent bank, such as their due diligence questionnaire and client identification documents.
2. Review the documents provided and verify their authenticity and compliance with local and international regulations.
3. Gather the required information and supporting documents about your own institution, such as financial statements, business licenses, and anti-money laundering policies.
4. Complete the correspondent banking due diligence questionnaire by providing accurate and detailed information about your institution and its policies.
5. Conduct a risk assessment to identify any potential risks associated with the correspondent banking relationship.
6. Implement appropriate risk mitigation measures, such as enhanced due diligence procedures, if necessary.
7. Keep records of all correspondence and documentation exchanged during the due diligence process.
8. Regularly review and update the correspondent banking due diligence as per regulatory requirements and changes in the correspondent bank's policies or risk profile.

Who needs correspondent banking due diligence?

1. Financial institutions that engage in correspondent banking relationships need to conduct correspondent banking due diligence.
2. This includes banks, credit unions, and other types of financial intermediaries that rely on correspondent banking to facilitate cross-border transactions.
3. Regulatory authorities and international organizations also place importance on correspondent banking due diligence to ensure compliance with anti-money laundering and counter-terrorism financing measures.

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What is correspondent banking due diligence?

Correspondent banking due diligence is the process of assessing the risks associated with establishing and maintaining correspondent banking relationships.

Who is required to file correspondent banking due diligence?

Financial institutions and banks are required to file correspondent banking due diligence.

How to fill out correspondent banking due diligence?

Correspondent banking due diligence can be filled out by collecting and verifying information such as the correspondent bank's ownership structure, regulatory compliance, and anti-money laundering policies.

What is the purpose of correspondent banking due diligence?

The purpose of correspondent banking due diligence is to mitigate risks related to money laundering, terrorist financing, and other illicit activities in correspondent banking relationships.

What information must be reported on correspondent banking due diligence?

Information such as the correspondent bank's ownership structure, regulatory compliance history, and anti-money laundering policies must be reported on correspondent banking due diligence.