Wolfsberg Group released version 1.3 of Correspondent Banking Due Diligence Questionnaire. Questionnaire designed for Legal Entity (LE) level due diligence. Questions cover entity ownership, products, AML/CTF programs and customer screening
CRRM evaluates both legal entities and natural persons for AML compliance. Both categories assess anonymity, business relationships, and country-based risks. Regularity of business interactions and asset deposits are crucial factors
A debtor is a legal entity that owes money to another entity. Bank borrowers are often referred to as debtors. Failure to pay a debt is not a crime. Most consumer debt agreements are enforceable
Foreclosure is a legal process where lender forces sale of collateral to recover loan balance. Lender terminates borrower's equitable right of redemption through court order or law. Process typically starts with missed payments, moves to sale, ends with redemption period
Deposit accounts allow customers to deposit and withdraw money. Bank-customer relationship is debtor-creditor. Banks may charge fees and offer interest on account balances
Beneficiary is an individual or organisation receiving money or assets. Banks must identify beneficiaries before disbursing funds. Correct beneficiary details are mandatory for online transactions