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 transfer 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 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 common types of wire fraud and scams
- Explain rules, notices, and error resolution procedures for International Funds Transfers
Who Should Attend
This informational session is designed for operations personnel, BSA officers, compliance officers, internal auditors, and any employee who handles wire transfers.