Cold joints are always susceptible to water leaks. (Though remember, concrete itself is a pretty porous material.)

A self-adhering membrane such as Bituthene 3000 will work fine.

Whatever material is used should be designated for below grade use on concrete walls.

Make sure it is "waterproofing" instead of "dampproofing" and protect it with something before backfilling. Any asphalt product should be "modified" or "rubberized" (like Grace Bituthene) so it will bridge cracks. It helps to use Grace's Water Based Primer on concrete for their self-adhering membranes. I prefer cold spray-on modified asphalt but if the area is small, 2 or 3 coats of a brush on material should work.

Properly waterproofed, as suggested above, and it won't be an issue. Improperly waterproofed, and it will be a constant headache.