Global standard setters have welcomed an industry-led initiative to standardise the data gathered, as banks establish new correspondent banking links.

The Wolfsberg Group, a gathering of 13 global banks, published a standardised “correspondent banking due diligence questionnaire” (CBDDQ) in late February.

The move is intended to lean against a retreat by many banks from correspondent banking, where a bank provides services such as payments to other banks. They cite the significant cost of