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Assurance Your Organization Is Current & Compliant

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Audits & Risk Assessments Find the Gaps in Your Policies & Procedures

ACH and Mobile RDC are the two commonly used payment tools to move funds. On-line applications such as on-line bill payment, new account funding, consumer to consumer transfers, and mobile deposits can also be used as an entry point for fraudsters. Does your financial institution include these payment tools as part of your Policies, Procedures and Risk Assessments? We would like to encourage you to specifically look at these payment tools, ensure you understand all of the risk and take steps to mitigate that risk.

  • What limits are in place for bill payment and Mobile RDC?
  • Are you monitoring those limits and looking at the activity?
    • Checking Mobile deposits at certain dollar amounts?
    • Looking at the small businesses and how they are using bill payment?
  • Are you placing a hold on new account funding transfers, which can be a compliance issue under Reg CC?
  • Does your FI’s online banking solution allow consumers to debit other consumers through ACH?
    • What authorization process is used for a consumer to consumer debit?

If you don’t know the answers to the questions posed, reach out to PAR/WACHA and schedule an Audit or Risk Assessment. As part of the PAR/WACHA audits and risk assessments services we look for the gaps in your policies and procedures, paying special attention to the payment tools mentioned above that tend to find their way into those gaps.

Third-Party Sender Audits: A Requirement with Added Value of Risk Mitigation

Third-Parties in the ACH system can pose an additional risk to financial institutions. In addition to the Nacha requirement for third-party audits, it is critical that you know exactly what they are doing and that they are in compliance.

Maintain compliance and mitigate your risk by contracting PAR/WACHA to perform the annual ACH audit on your third-party sender(s). Your third-party sender(s) will receive the same quality service of PAR/WACHA’s full-scale audit program that is designed to uncover areas of noncompliance and risk while offering mitigating controls and solutions. Read More

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