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Down to the Wire
Taking action now to make your wire room transactions compliant
by Bill Koch, Editor, The Compliance Advisor
In a glamorous screwball comedy from the 1930s, the wire room at a big city bank was a beehive of frantic activity. Money was being transferred in from Boston for one of the city’s elites. Money was going out from a small-town kid, making it on his own in the city, back to his parents on the farm in Kansas.
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Is your wire transfer room really safe?
Trey Sullivan |
Of all the areas in your bank that must be compliant, the wire room can often be overlooked. Many financial institutions focus their efforts on the front line — tellers and loan officers — while failing to realize just how frequently wire transfers are used for money laundering and other nefarious purposes. This month’s feature article explains the risk in not protecting your wire transfer room — and what you must do to address that risk.
Last month, we asked how to establish multifactor authentication when you may not have the technical expertise necessary. Your best advice provides everyone with practical tips on how to locate the experts you need. This month, we ask if you use an independent source to ensure your compliance program really measures up. Or do you feel confident that your efforts will meet regulators’ expectations? We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to become actively involved. Please send ideas for articles you’d like to see, and let us know if the topics being covered are relevant to the issues your institution faces. Take our brief reader survey, and you’ll be registered for a chance to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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How to Establish a Risk Management Approach to AML Monitoring
Now more than ever financial institutions are at risk of being exposed to money laundering and fraudulent activity. This Webinar explains how to establish a comprehensive AML Monitoring Program that addresses areas of risk across all business lines and ways to manage that risk accordingly.
Date: September 21, 2006
Time: 2:00 PM - 3:00 PM EDT
Register for this complimentary Webinar.
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Last Issue's Dilemma:
How do I incorporate multifactor authentication into our online services?
You can laugh, but we just opened online services for our customers about two years ago. That was enough of an undertaking for our farmers’ credit union, located in a rural area. But now, multifactor authentication is a federal requirement.
This means we have to upgrade our fairly new system to have multifactor authentication. How are we supposed to do that with so little IT knowledge in our community? How have other banks in “the sticks” continued to upgrade their IT systems? How do you find a vendor you can trust?
— Colleen M., Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
Does your compliance program measure up?
Every year, we do a comprehensive review of our compliance program. We re-do our risk assessment and then build a compliance program that reflects that risk and follows any new federal regulations.
Of course, every bank does this. What I’m wondering is, how can you be really sure that your review is accurate? I sometimes feel like I know my own bank and our procedures too well to be objective.
What is your best advice? Do other banks use objective or independent sources to verify their compliance programs? Or do you trust your knowledge of your bank and the regulations?
— Marcia Carlson, Compliance Officer
Can You Help?
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Share your experience.
You could win an Apple iPod™.
Congratulations to this month's winner: Glenn Meier, Park Ridge Community Bank |
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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Copyright © 2006 InternetVIZ. All rights reserved.
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