The Due Diligence Repository, launched by Bankersalmanac in 2004 in association with the Wolfsberg Group, provides the primary information required to conduct due diligence checks on bank counterparties. Currently the Repository contains in excess of 64,500 documents against 16,800 financial institutions, comprising licences, corporate governance documents, anti-money laundering policies, USA PATRIOT Act/Foreign Bank Certification and the Wolfsberg Group Anti-Money Laundering Questionnaire.
BAFT and Bankersalmanac will collaborate to promote and develop the Due Diligence Repository, moving closer to its universal adoption within correspondent banking. To achieve this, BAFT formed an advisory group from its member banks who attended a workshop hosted by Bankersalmanac earlier this year to review the existing Due Diligence Repository together with proposed feature and methodology enhancements. The alliance is as a result of BAFT's ongoing support of Bankersalmanac's Due Diligence Repository as an industry utility, encouraging its member banks to submit their compliance documents and subscribe to the Repository as an integral source of data within their compliance processes.
Charles H. Silverman, President, Board of Directors at BAFT, said: "The development of Bankersalmanac's Due Diligence Repository as an industry tool offers considerable efficiency gains, both across the sector and within individual institutions. As a global industry association, BAFT recognises the value of such a service. We are delighted to be working with Bankersalmanac in this venture as part of our mission to facilitate and provide expertise in the key issues currently affecting financial institutions."
Kerry Hewson, Director of Bankersalmanac, added: "Our objective has always been to establish the Due Diligence Repository as the global de-facto industry standard, providing consistency and conformity in due diligence document checks and reducing the administrative burden that banks face when conducting Know Your Customer (KYC) assessments on their counterparties. The support of associations such as BAFT and the Wolfsberg Group is of major importance to us in developing the Repository to meet industry needs and our collaboration with both associations will bring further value to the sector."