Wire Transfer Compliance: Domestic & International

Recent successful cyberattacks on international wire transfers have raised the bar on examiners’ expectations for security systems and risk monitoring of international and domestic wire transfers. Are you prepared?

Funds transfer fraud causes millions of dollars in losses for businesses. Last year, financial institutions filed over 248,000 SARs on incidents of wire fraud and/or suspicious funds transfers. As cyber attackers grow more sophisticated, their schemes and attempts have escalated further during the pandemic. Examiner scrutiny has increased in response.

Wire transfers are unique transactions. This session will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures, and address how to identify and react to possible wire fraud attempts. It will also identify system and process vulnerabilities that can expose financial institutions to cyberattacks and increased liability. Join us for an examination of ways to strengthen policies, monitoring, procedures, and risk assessments. Tools to support and enhance your wire compliance program will be provided.

Attendance certificate provided to self-report CE credits.

• Sample wire transfer policy
• Sample wire logs
• Wire transfer audit procedures
• Sample wire transfer request form
• Employee training log
• Interactive quiz