Wire transfers are unique transactions. In this session, we will cover the regulatory requirements for both domestic and international wires, and how to ensure your policies and procedures meet those expectations. We will provide best practices for your wire process 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.