 |
 |
 |
 |
 |
 |
 |
|||||
 |
|
|
|
|
|
International Due Diligence Repository
The Wolfsberg Group began collaborating with the Banker's Almanac in summer of 2004, and the Due Diligence Repository that has subsequently been developed is available on the following website: www.bankersalmanac.com/addcon/products/due_diligence.aspx
Since its launch, the Bankers' Almanac has added further functionality to the Repository with the inclusion of an alert service which updates users to any changes to documents or status of an institution.
The Wolfsberg Group continue to assist the Banker's Almanac in the further development of the Repository and are encouraging our correspondents to populate the registry, so that it is as useful, complete and cost-effective as possible for everyone. It is therefore wholeheartedly recommended that you visit Bankersalmanac.com, inspect the module and suggested requirements and submit your documents as soon as possible, so that the benefits of a fully functioning registry can be achieved sooner rather than later. In the current regulatory environment, that can only be seen as a boon to the appropriate and risk-based conduct of correspondent banking business, if not a panacea for all ills.
What is the Wolfsberg International Registry? What information can be found in the Wolfsberg International Registry? What is the Anti-Money Laundering Questionnaire?
In the Principles, the Wolfsberg Group encouraged the development of an international registry for financial institutions. Upon registering, financial institutions would submit information useful for conducting due diligence as outlined in the Principles. Financial institutions would use this information in due diligence. The Bankers' Almanac launched the Due Diligence Repository in 2004 as a separate module to its Bankersalmanac.com service. The "Due Diligence Repository", which has been endorsed by the Wolfsberg Group, is a repository for the collection and storage of relevant due diligence information and documentation. By submitting due diligence information to the "Due Diligence Repository" of Bankeralmanac.com, the Wolfsberg Group believes that financial institutions will eliminate some, and eventually, most of the need to reproduce, and repeatedly supply, due diligence information. Instead, financial institutions can direct inquiries to the "Due Diligence Repository", where the most up to date due diligence information will always be stored. The Wolfsberg Group encourages all financial institutions to review the Due Diligence Repository and contact Bankersalmanac.com to submit, at no cost, due diligence information regarding their institutions.
In conjunction with the Wolfsberg Group, the Bankers' Almanac has developed a list of required documents, reflecting recognised best practices with respect to necessary information to complete appropriate due diligence on financial institutions. A copy of the list of required documents is set out in Appendix 2. The Due Diligence Repository can be viewed at: www.bankersalmanac.com/addcon/products/due_diligence.aspx. The Repository includes information on each financial institution's license (and the licenses of their subsidiaries) and copies of corporate governance documents, such as, company by-laws, Memorandum, Articles or Certificate of Incorporation, or Memorandum, Articles or Certificate of Association. In addition, there will be biographies of board members and senior management of the financial institution, annual reports (including the annual reports of subsidiaries), and a completed, standard form Anti-Money Laundering Questionnaire.
To provide due diligence information and documentation, or to obtain further information, Bankers' Almanac can be contacted at: Bankers' Almanac, Reed Business Information, Windsor Court, East Grinstead, RH19 1XA, United Kingdom, facsimile: +44 (0) 1342 335940, or email at: .
The Anti-Money Laundering Questionnaire has been designed to provide an overview of a financial institution's anti-money laundering policies and practices. There are no correct or incorrect responses. The Questionnaire requires an explanation when a "No" response is chosen (this does not imply that a "No" response is incorrect) and allows for an explanation when a "Yes" response is chosen. A copy of the Questionnaire is set out in Appendix 3.
© 2008 by The Wolfsberg Group