Wire transfers remain one of the highest risk payment channels for financial institutions. Business email compromise (BEC), social engineering, account takeover, and operational errors continue to drive significant financial losses, often with little ability to recover funds. This webinar will provide a practical, operations-focused dive into wire transfer agreements, internal controls, and regulatory expectations, with a particular emphasis on UCC Article 4A and its requirements, such as agreed-upon commercially reasonable security procedures, examiner scrutiny, and real-world fraud scenarios. Attendees will learn how to structure effective wire transfer agreements, implement defensible security procedures and internal controls, and respond appropriately when wire fraud occurs. Join Shelli Clarkston for this must-attend compliance session.
KEY WEBINAR TAKEAWAYS
- Risk and liability under UCC Article 4A
- What are considered “commercially reasonable security procedures”?
- Recommended wire transfer agreement contract provisions
- Internal controls that help mitigate risk of wire fraud
BONUS MATERIALS
- Wire transfer agreement compliance checklist
- Commercially reasonable security procedures matrix
