Check It Out
These 3 components are required to document at the top of the Notes of a Wire Task Card
What is
1. Your name
2. Date of confirmation
3. Who you contacted?
This is what to say when reaching out to a vendor or client for wire instruction verification
What is
“Hi, my name is Victoria calling from The Clarius Group. May I speak with Carol? We are sending a wire/ach on behalf of our client, Keith Vernon, and need to verbally confirm the wire/ACH instructions with you. Do you have a moment to go over these now?”
Ensure that the verbal authorization is complete and documented within the Wire Task Card, and that all necessary details have been confirmed.
What is the first step of Wire initiation?
This is the first step a Wire Approver should take when reviewing a wire for approval / release
What is verify request against supporting documentation? Some elements:
1. Double check verbal verification was complete. Who was contacted / number used / date and time the call happened
2. What details were verified - refer to Documentation Checklist
This is what you should do when something doesn't feel right in the wire approval process
What is trust your gut, pause and raise any red flags with another member of the team or your supervisor?
These are 3 required pieces of information to document for the Receiving Bank
What is
1. Receiving Bank #ABA
2. Receiving Bank Name
3. Receiving Bank Address
These are 2 examples of how to verify a phone number for a callback
What is
1. Confirm with the client
2. Use your outlook inbox to search for previous emails from the recipient
3. Check in Athena Research or with Investmetn Team
4. Verify phone numbers from company website
This is a best practice to avoid duplicate payment for capital calls.
What is review transaction history?
Last minute changes to banking details, requests marked urgent or asking to bypass procedures, new or unfamiliar vendors, requests coming from non-corporate email domains or unusual writing styles.
What are red flags or signs to watch out for fraud?
These Clarius team members have the authority to grant exceptions or approvals
Who are Lead Advisors, Directors, or members of the Leadership Team?
These are 3 required pieces of information to document for Beneficiary information in the Wire Task Card
What is
1. Benee
DAILY DOUBLE: This is what you should say if the other party hesitates to retrieve the instructions or participate in completing the verbal verification process, because "you should already have the instructions."
What is
"I know we've sent wires to Commerce Bank in the past, and we have those instructions on file, but I want to triple check that the instructions are still current before we enter on our end."
You should always make sure to do this to ensure complete details and instructions are sent in the wire.
What is check the Notes, Memo, Additional Details?
If something about a wire request seems off - such as urgency, new banking information, typos - you should do this immediately.
What is escalate the request to another member of the team, or supervisor?
This involves implementing
1. robust security measures
2. maintaining compliance with regulations
3. fostering trust and loyalty with clients
4. continuously striving for operational excellenge through feedback-driven improvements
What are the components of EFFECTIVE RISK MANAGEMENT?
This is the name of the form saved Athena wire tasks that must always be completed to confirm verbal verification and wire instructions
What is the Documentation Checklist?
This is what you should always be wary of regarding verbal verfications
What is
If the originator of the instructions contacts you directly by phone first.
This is what you should do if you are unsure of how a wire should be entered or if details are missing.
What is clarify with CM, Advisor, or verbal authorization contact?
These are reasons why an Exception to waive the callback might be warranted
What is
1. client preference
2. previous awareness of transaction
3. existing wire instructions on file
DAILY DOUBLE: You should complete this 100% of the time
What is complete the Documentation Checklist?
This is the purpose of the Documentation Checklist
What is
1. outlines required frields that the Initiator and Approver must verify as part of the wire process
2. maintains detailed records of the wire tranaction for regulatory and auditing purposes
DEMO - IBAN DISCUSSION LED BY MORGAN
Everyone gets 500 points!
DEMO - ESCROW NUCLINO REVIEW LED BY VICTORIA
Everyone gets 500 points!
While we are all responsible for our roles in the wire process, these parties are ultimately accountable if the wire is determined to be fraudulent
Who is the Approver?
This is why we should not skip verification steps, even for a well known client
What is because even well meaning clients can be victims of fraud!