Wire Transfer Audit


Are you effectively managing your wholesale payment systems risk?  
 

The FFIEC Wholesale Payment Systems Manual requires financial institutions to conduct periodic independent review of the funds transfer operation, including all pertinent internal policies and procedures to verify the effectiveness of the funds transfer control environment and identify deficiencies for correction.  

Are your payments systems auditors industry experts?  Using proven methodology, we can perform your Wire Transfer Audit quickly and efficiently at a very competitive rate.  We provide you with a summary of findings, specifying areas where you did, or did not, meet the criteria for a successful audit.  We identify procedures and controls that need strengthening, and recommend steps to reduce risk.  All audits include an exit meeting to review findings.  

The basic scope of our services includes the requirements found in the FFIEC Examination Manuals and will verify the following:

  • Verification of agreements executed with recurring wire transfer customers

  • Verification of key controls, including dual control over receipt of customer requests, internal transfer requests, and posting of entries

  • Verification of account reconciliation, funds availability, the Travel Rule, and fee collection

  • Controls implemented over rejected/returned entries; erroneous entries; error resolution (including Regulation E requirements for international wire); and overnight and/or future-dates entries

  • Identity and Access Management

  • Separation of duties, internal controls, and fraud management


 

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  FREE PROPOSAL FORM

Pam Rodriguez, AAP, CIA, CISA,
President & CEO  
prodriguez@epayadvisors.com
800-475-0585 ext. 1603