Description
This course provides a comprehensive overview of wire transfers for employees working in financial institutions. Participants will gain a solid understanding of the wire transfer process, from initiation to settlement, including the roles and responsibilities of various departments involved. The course will delve into the types of wire transfers, domestic and international, as well as the regulatory framework governing these transactions.
Explore the risk factors associated with wire transfer activity and discover ways you can help your financial institution avoid involvement in illegal wire transfer activity. Emphasis will be placed on risk management and fraud prevention, equipping participants with the knowledge and tools to identify and mitigate potential threats. The course will also cover compliance requirements, including anti-money laundering (AML) and customer due diligence (CDD) procedures.
By the end of this course, participants will be able to process wire transfers efficiently, accurately, and securely, while adhering to all applicable regulations.
Course Objectives:
- Understand the wire transfer process from initiation to completion.
- Differentiate between domestic and international wire transfers.
- Identify potential risks associated with wire transfers and implement mitigation strategies.
- Adhere to compliance regulations, including AML and CDD requirements.
- Develop strong customer service skills for handling wire transfer inquiries.