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Wire Transfers: Staying Compliant and Avoiding Fraud Loss

Funds transfer fraud causes millions of dollars in losses for businesses and financial institutions every year. In 2022 alone, financial institutions filed over 300,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers! What steps can be taken to protect your institution and your account holders?

OnDemand
Recorded Thursday,
March 16th, 2023
Presented by Dawn Kincaid
1h 30m total length
2.5 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • Fraud
  • Transaction Compliance
  • Bank Secrecy Act Officer/BSA Specialist
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • Internal Auditor

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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
    • 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.

Continuing Education Credit Information

Wire Transfers: Staying Compliant and Avoiding Fraud Loss has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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