Introduction
This comprehensive two-week training program is designed to provide in-depth and practical knowledge of Wolfsberg Questionnaires, with a strong focus on their application in correspondent banking, customer due diligence, and financial crime compliance.
The program explains how Wolfsberg standards support effective risk management, regulatory compliance, and transparency within financial institutions. It combines regulatory expectations, alignment with Financial Action Task Force recommendations, and hands-on workshops to ensure participants can confidently complete, assess, and validate Wolfsberg Questionnaires in real operational environments.
By integrating theory with practical case studies, the program enables participants to apply Wolfsberg requirements consistently and professionally across correspondent banking and customer risk assessment processes.
Course Objectives
By the end of this program, participants will be able to:
- Understand the role of the Wolfsberg Group in the global financial crime compliance framework
- Interpret and apply the Correspondent Banking Questionnaire and the Customer Due Diligence Questionnaire professionally
- Align Wolfsberg Questionnaire requirements with FATF Recommendations, particularly those related to customer due diligence and wire transfers
- Conduct risk-based assessments of correspondent banks and customers
- Identify gaps, weaknesses, and red flags in questionnaire responses
- Develop practical remediation and corrective action plans
- Prepare effectively for regulatory examinations and audit reviews
Course Outlines
Day 1: Wolfsberg Framework and Regulatory Foundations
- Overview of the Wolfsberg Group and its issued principles
- Wolfsberg guidance and global best practices
- Relationship with FATF, banking standards, and regulatory authorities
- Risk-based approach methodology in correspondent banking
Day 2: Correspondent Banking Risks and Controls
- Correspondent banking models and structures
- Money laundering and terrorist financing risks
- Regulatory and supervisory expectations
- Role of Wolfsberg Questionnaires in mitigating correspondent banking risk
Day 3: Correspondent Banking Questionnaire (CBQ)
- Objectives and scope of the CBQ
- Detailed walkthrough of questionnaire sections
- Key terminology and critical data elements
- Common interpretation and completion challenges
Day 4: Completing and Reviewing the CBQ
- Practical exercises on completing the questionnaire
- Reviewing and validating responses
- Identifying red flags and inconsistencies
- Supporting documentation and evidence requirements
Day 5: FATF Alignment and Regulatory Expectations
- Overview of relevant FATF Recommendations
- Focus on customer due diligence and wire transfer requirements
- Impact of transparency and information-sharing obligations
- Linking CBQ responses to regulatory compliance
Day 6: Customer Due Diligence Questionnaire (CBDDQ)
- Objectives and scope of the CBDDQ
- Key differences between CBQ and CBDDQ
- Risk-based customer classification
- Use of the questionnaire in onboarding and ongoing monitoring
Day 7: Assessing and Analyzing CBDDQ Responses
- Risk assessment methodologies
- Enhanced due diligence for higher-risk customers
- Managing high-risk jurisdictions and customer profiles
- Practical case studies and applied analysis
Day 8: Gap Analysis and Remediation Planning
- Identifying control gaps and weaknesses
- Developing remediation and corrective action plans
- Ongoing monitoring and periodic review
- Managing updates and questionnaire refresh cycles
Day 9: Governance, Audit, and Regulatory Examinations
- Record-keeping and audit trail requirements
- Managing regulatory and supervisory interactions
- Independent testing and quality assurance
- Best practices derived from regulatory findings
Day 10: Capstone Workshop and Final Assessment
- End-to-end review of Wolfsberg Questionnaires
- Group case study and practical assessment
- Best practice discussions
- Comprehensive course review and key takeaways
Targeted Audience (Training Indication)
This program is designed for:
- Central bank professionals
- Financial regulators and supervisors
- Audit and risk management professionals
- Public sector financial officials
- Compliance and financial crime professionals
- Correspondent banking and due diligence teams
- Senior and mid-level managers in financial institutions
Why Attend This Course: Wins & Losses!
- Stronger AML and counter-terrorist financing compliance
- Improved correspondent banking relationship management
- Enhanced ability to assess and validate Wolfsberg Questionnaires
- Reduced regulatory, financial, and reputational risk
- Greater confidence during regulatory examinations and audits
Conclusion
This comprehensive training program equips participants with the practical knowledge and applied skills required to implement Wolfsberg Questionnaires effectively and consistently. By aligning international best practices with real-world operational needs, the program supports stronger compliance, improved risk management, and greater regulatory confidence across correspondent banking and customer due diligence activities.
