Wire Transfers: Establishing Strong Internal Controls
Funds transfer fraud causes millions of dollars in losses for businesses and financial institutions every year. In 2023 alone, financial institutions filed over 400,000 suspicious activity reports regarding incidents of wire fraud and/or suspicious funds transfers. This informative program will explain the compliance requirements and the steps you can take to protect your institution and accountholders!
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Detail requirements of both domestic and international wires, including:
- Internal controls
- System security
- Identification and authentication
- OFAC screening
- Understand BSA requirements for wires and recordkeeping
- Identify how Reg S, Reg E, Reg J Subpart B, and UCC-4A impact the wire process
- Recognize common types of wire fraud and scams
- Explain rules, notices, and error resolution procedures for international funds transfers
WEBINAR DETAILS
Wire transfers are unique transactions. This program will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures, and address how to identify and respond to possible wire fraud attempts. In addition, it will identify vulnerabilities in systems and processes that can expose financial institutions to cyberattacks and increase liability. This session will also examine ways to strengthen policies, monitoring, procedures, and risk assessments. Participants will be provided with tools to support and enhance their wire transfer compliance program.
WHO SHOULD ATTEND?
This informational session is designed for operations personnel, BSA officers, compliance officers, internal auditors, and anyone who handles wire transfers.
