We are conducting an audit of wire transfers. On incoming wires, an individual in the wire department post the incoming wire to the customer’s account and then as part of her process will double-check herself to make sure the entry is correct. Should someone else be verifying the accuracy of her entries?

Our ops department does the actual wire recon with the correspondent bank but it is not down to the customer information level. How do other handle this?

Does the person in the wire department also process wire transfers?

yes

bump

We use dual control for posting of incoming wires. I would recommend having a second person verify which account the wire was posted to (if this cannot be done via account reconciliation). At end of day the second person could initial off on your daily wire report documenting the dual control of posting of all incoming wires.

We also use dual control for posting of incoming wires. Dep ops post the wires and accounting clerks (without wire capabilities) reconciles wire transfers through the Fed statements.

Our wire room completes an Activity Record that includes a signature of the employee who receives the wire request and keys the wire; another person verifies certain information on the wire transmittal before it is sent. Additionally, there is a place on the form for "Officer Approval" which takes place after the wire is sent. This makes no sense to me and seems an unneccessary step.

Does anyone know if this is a requirement from somewhere - FDIC, Fedline? ? I believe it goes back to internal procedures from years ago that stayed with the form as it evolved. Please set me straight if there is a valid reason for an officer to approve the transmittal after the fact when dual control of the transmittal already exists. Thanks so much.

I know of no reason why this should be done as you have the dual control on the actual sending of the wire. We do have officer approval at the end of the day for the wire totals and reconciliation but not the individual wires.

A question could be, "What would be the procedure if an Officer did not approve the wire after it was sent?" Then you may or may not receive an answer, but it does appear to be an internal procedure that has stayed with the form.

For our dual control the incoming and outgoing wire forms are reviewed by an individual in customer service to verify the funds went into or out of the proper accounts once the wire has been received/sent. As proof the customer service rep will initial and date in a specific area set up on the form.