Webinar: Wire Transfers: Establishing Strong Internal Controls
July 16, 2024 3:00 pm - 4:30 pm
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
Speaker: Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has over 20 years’ 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.