Wire Transfer Compliance

Funds transfer fraud causes millions of dollars in losses for businesses. Last year, financial institutions filed over 47,000 Suspicious Activity Reports on incidents of wire fraud. Cyber attackers continue to grow more sophisticated with their schemes and attempts. Even the largest institutions are vulnerable. Recent high-profile, successful cyberattacks on international wire transfers have raised the bar on examiners’ expectations for your security system and risk monitoring of international and domestic wire transfers.

In this session we will cover your 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.

Program Highlights

  • Detailed discussion of requirements of both domestic and international wires, including:
    • Internal Controls
    • System security
    • Bank Secrecy Act requirements for wires and recordkeeping
    • Identification and authentication requirements
    • OFAC screening rules
  • What, Reg S, Reg E, Reg J Subpart B and UCC-4A have to say about wire transfers
  • Review of common types of wire fraud and scams
  • International Funds Transfers: rules, notices and error resolution procedures
  • Discussion of risk management practices and controls over information technology (IT) and wholesale payment systems networks, including authentication, authorization, fraud detection, and response management systems and processes
*Tools to be provided to support and enhance your wire compliance program

Who Should Attend?

This jam-packed session is designed for BSA Officers, Compliance Officers, internal auditors and any employee who handles wire transfers.