Wire Transfers: Meeting Requirements, Implementing Best Practices, and Avoiding Losses
Wire transfers are unique transactions. In 2023 alone, financial institutions filed over 400,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers.
In this session, we will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures, and discuss how to identify and react to possible wire fraud attempts.
In addition, we will identify vulnerabilities in systems and processes that can expose financial institutions to cyberattacks and increase liability. We will also examine ways to strengthen policies, monitoring, procedures, and risk assessments. You will be provided with tools to support and enhance your wire transfer compliance program.
