There is a new 99-page booklet available from the OCC to help you understand and manage the risks associated with the merchant processing business. It sets forth regulatory expectations for sound risk management and controls and establishes procedures for merchant processing activities. This guide is to be used in conjunction with other OCC publications, including the "Community Bank Supervision Handbook" dated August 2001, the "Internal Control Handbook" dated January 2001, and OCC
Bulletin 2001-47 covering "Third Party Relationships," dated November 1, 2001.
You will find its Internal Control Questionnaire and the Verification Procedures section particularly helpful.
The original version appeared in the January/February 2002 edition of the Oklahoma Bankers Association Compliance Informer.
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