Webinar: Wire Transfer Compliance When: Wednesday May 19, 2021 - 01:00 PM Duration: 90 Minutes.
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Funds transfer fraud causes millions of dollars in losses for businesses. Last year, financial institutions filed over 248,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers. 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?
Areas Covered in the Webinar:
Detailed discussion of requirements of both domestic and international wires, including:
Internal Controls
System security
Bank Secrecy Act requirements for wires and recordkeeping
Identification and authentication requirements
OFAC screening rules
What, Reg S, Reg E, Reg J Subpart B and UCC-4A have to say about wire transfers
Review of common types of wire fraud and scams
International Funds Transfers: rules, notices and error resolution procedures
Discussion of 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
Tools to be provided to support and enhance your wire compliance program.
Contact Person: SAM
+1 3156320735