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Handling Wire Transfers

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What is the reasoning behind one person completing the wire request and a different person posting the wire transfer from an account? Is there a rule or Reg that outlines this dual control? Would we be in any violation if the person taking the wire transfer also posts it to the account? We would have another person balancing the wire General Ledger account daily.

Separation of duties is a time-honored method of enforcing dual control in an operation. Whether a given dual control is effective or not is a matter for a bank's management to consider, and something for the bank's auditors to evaluate for effectiveness.

First published on 6/21/10

First published on 06/21/2010

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