Authorize wire transfers with required security checks

Make sure the person requesting the wire is authorized on the account. For phone requests, call them back on a number already in your records - never a number they give you during the call. For in-person requests, check their government-issued ID. Red flags: - Urgency or pressure to skip steps - New beneficiary with a vague relationship - Recent email compromise reported - Customer seems coached or nervous If you can't verify their identity, don't proceed.

Screen the beneficiary name, bank, and country against OFAC sanctions lists. Under 31 CFR 501.604, you're required to screen before processing any transfer. Document any potential matches and escalate to your BSA Officer if you find a hit. Never proceed with transfers to: - SDN list matches - Sanctioned countries (North Korea, Iran, etc.) - Blocked persons or entities False positives do happen - just document your determination.

Check that the account has enough available funds to cover the transfer plus any fees. Look for holds, pending transactions, legal restrictions, or account freezes. Also check: - No recent fraud alerts on the account - Account is in good standing - Wire limits haven't been exceeded - Customer hasn't reported email compromise

For wires over $10,000, get dual approval from an authorized second approver before proceeding. Then execute the wire through your wire system and grab the Federal Reference Number. Document: - Approval chain - Execution timestamp - Fed reference or confirmation number - Any notes or exceptions Let the customer know once the wire's sent.