When you build training that is technical, how do you get it from the regulation to application?
We want to do online technical training. Is that possible?
What are the components of a secure cashier's check issuance process?
I have been told that the employees in charge of on-line banking are considering allowing wire transfers through our new on-line banking product. What kind of compliance and security issues should they consider when they are designing this product? We are new to on-line banking so my feeling is that we should learn to crawl before we run. Some of the bigger banks do not have this on-line banking feature. How does our midsize bank think they have the resources and the knowledge to accomplish this?
These questions are regarding compliance with OFAC requirements: (a) Are banks required to check for payee of checks drawn on them and received by them for payment across the counter or through clearing? (b) Are banks required to check for the name of the drawer of checks sent by them for clearing? (c) In case of banks which provide cash letter service to their correspondents abroad, are they required to check for both drawer and payee? If required, how do banks manage this as automated checking of this information would not be possible in most cases.