Wire Transfers: Establishing Strong Internal Controls

Audit & Accounting Compliance Frontline & New Accounts Information Technology Operations Security & Fraud Bank Secrecy Act (BSA)IT & Cybersecurity

On-Demand Webinar

StreamedJul 16, 2024Duration90 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

See Registration Options

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.

TAKE-AWAY TOOLKIT

Sample wire transfer policy
Sample wire audit procedures
Sample wire transfer request form
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.