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Wire Transfer Compliance: Establishing Strong Internal Controls

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.

OnDemand
Recorded Thursday,
September 8th, 2022
Presented by Dawn Kincaid
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • BSA
  • Compliance
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Risk Management/Legal
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Risk Manager
  • Senior Management

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Funds transfer fraud causes millions of dollars in losses for businesses. Last year, financial institutions filed over 295,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers -a 19% increase from the prior year. Cyber attackers continue to grow more sophisticated with their schemes and attempts and have increased even more during the recent pandemic. Recent 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. Are you prepared?

Wire transfers are unique transactions. 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 compliance program.

What You'll Learn

  • Detail requirements of both domestic and international wires, including:
    • Internal Controls
    • System Security
    • Identification and authentication requirements
    • OFAC screening rules
  • Understand proposed changes to BSA requirements for wires and recordkeeping
  • Identify how Reg S, Reg E, Reg J Subpart B and UCC-4A impact your wire process
  • Review of current types of wire fraud and scams
  • Explain rules, notices and error resolution procedures for International Funds Transfers
  • Discuss 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

Who Should Attend

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

Dawn Kincaid

Instructor Bio

Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years of experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized the implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits, and exams, and presented for numerous state associations.

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