Wolfsberg CBDDQ Explained: The Correspondent Banking Due Diligence Questionnaire

If you work in banking compliance, trade finance or financial crime, you will meet the Wolfsberg questionnaire sooner or later. The Wolfsberg Correspondent Banking Due Diligence Questionnaire, known as the CBDDQ, is a standard set of questions that banks use to share information about their own anti-money laundering (AML) and financial crime controls. This guide explains what it is, what changed in the current version and how to use it sensibly. Everything below about versions and dates comes from the Wolfsberg Group's own website, which was checked in October 2026.

What the CBDDQ is for

Correspondent banking is the arrangement in which one bank provides services to another, often so that the second bank can handle payments in a currency or country where it has no presence. Because the first bank cannot see directly who the second bank's customers are, it needs to understand the second bank's controls. The CBDDQ gives both sides a common format for that conversation, so that every bank does not have to design, send and answer a different questionnaire. For the wider risk picture, see our guides to correspondent banking and correspondent banking and financial crime risk.

Versions and timeline

According to the Wolfsberg Group's resources page, the CBDDQ was first released in October 2017. The page currently refers to version 1.4 as the current questionnaire, and it records that the CBDDQ and its companion document, the Financial Crime Compliance Questionnaire (FCCQ), were amended on 10 February 2023. If you are handed an older version, such as 1.3, check whether the counterparty has an updated one.

What changed in version 1.4

The Wolfsberg Group's 10 February 2023 announcement set out the following changes.

• CBDDQ version 1.4. A new section on fraud, plus new questions on whistleblower policies, virtual bank licences and approval of sanctions policies. The Declaration Statement's update period was revised, and changes were made to improve the logic and flow of the questionnaire.
• FCCQ version 1.2. Updated to align with CBDDQ 1.4.
• Guidance. The separate Completion Guidance and Capacity Building Guidance were merged into a single CBDDQ Guidance version 2.0. It explains the risks behind the questions and includes notes on the more complex ones.
• Glossary and FAQs. A glossary (version 3.0) and FAQs for the CBDDQ and FCCQ (version 3.0) were released, along with downloadable PDF and spreadsheet versions of the questionnaires.

How often should it be refreshed?

The same announcement says the recommended timeframe for updating the questionnaires is now 12 to 18 months. The Wolfsberg Group explained that fixed expiry dates had caused delays because they did not match customers' due diligence review cycles. In practice, that means a refresh should fit into your normal periodic review rather than sit on a separate calendar. Our guide to ongoing monitoring and periodic CDD review explains how review cycles are usually built.

CBDDQ versus FCCQ

The two documents are related but not identical. The CBDDQ is aimed at correspondent banking relationships. The FCCQ is the companion questionnaire on financial crime compliance, and the Group updated it in step with the CBDDQ. If you are unsure which to request, read the guidance document, which explains the purpose of each question.

Using the questionnaire well

1. Treat it as a starting point. A completed questionnaire is a statement by the counterparty, not independent verification. Combine it with your own research, adverse media screening and, where the risk warrants, additional evidence.
2. Read the guidance. The merged Guidance version 2.0 explains why each question is asked. That helps you judge whether an answer is complete.
3. Check the version and the date. Make sure you are working from the current questionnaire and that the declaration is within your refresh period.
4. Follow up on gaps. A blank, vague or inconsistent answer is information in itself. Record how you resolved it.
5. Link it to your risk rating. The answers should feed your assessment of the relationship, including the new fraud, whistleblowing and sanctions policy questions.
6. Keep the audit trail. Store the questionnaire, the date received, your review notes and any escalation.

Why it matters beyond banks

Accountants and advisers rarely complete a CBDDQ themselves. They may, however, advise banks, review their controls, work in their financial crime teams, or audit them. Knowing what the questionnaire asks, and why, helps you to read a bank's answers critically. For the global standards behind these questions, see our explainer on the FATF and its 40 Recommendations.

Frequently asked questions

What does CBDDQ stand for?

Correspondent Banking Due Diligence Questionnaire.

Which version is current?

The Wolfsberg Group's resources page refers to version 1.4, amended on 10 February 2023. Check the Group's website for any later release.

How often should a correspondent refresh the questionnaire?

The Group recommends a timeframe of 12 to 18 months, set to align with customer due diligence review cycles.

Is completing the CBDDQ a legal requirement?

The questionnaire is an industry standard rather than a law. Your legal obligations come from your national AML rules and supervisor, which may expect you to understand a correspondent's controls.

Next steps

If your team uses the CBDDQ, check that you hold the current version and that your refresh cycle matches the 12 to 18 months the Group recommends. To build wider financial crime skills, explore Learnsignal's CPD courses.