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Wire Transfer Compliance: Domestic & International

Jun 16 2:00 PM - Jun 16, 2021 3:30 PM
Jun 16, 2021 2:00 PM - 3:30 PM
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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?

Learning Objectives

  • Detail requirements of both domestic and international wires, including internal controls, system security, identification and authentication requirements, and 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 the wire process
  • Offer insight on common types of wire fraud and scams
  • Explain rules, notices, and error resolution procedures for international funds transfers
  • Discuss risk management practices and controls over IT and wholesale payment systems networks, including authentication, authorization, fraud detection, and response management systems and processes

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.



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 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.




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Compliance