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The OCC has issued new guidance for “due diligence, underwriting, and monitoring of entities that process payments for telemarketers and other merchant clients.”

Wachovia bank was recently fined by the OCC and ordered to pay restitution. These fines result from relationships the bank had with telemarketers and payment processors who inappropriately gained customer checking account information and used that information to generate remotely created checks (RCC’s).

In OCC Red Flags: How To Avoid Payment System Fraud Risks, our expert goes over the warning signs, red flags and recent OCC guidance to show what you must do to control your operational and fraud risks and ensure that your institution doesn’t end up like Wachovia. This critical audio conference will provide you with a detailed process for establishing proper fraud protections in your institution to minimize your risk exposures and help you adhere to the new OCC guidance.

Topics covered include:

• Warning signals and red flags-review and evaluation of how the scheme was carried out
• Establishing written policies and procedures applicable to relationships with customers who regularly deposit remotely created checks (“RCCs”)
• Identifying the types of businesses that should not be permitted to regularly deposit RCCs and unacceptable market uses for RCCs
• Determining acceptable rates of return for RCCs, including acceptable rates of return by reason for return
• Establishing written policies and procedures applicable to relationships with merchant RCC depositors including responsibilities for monitoring these depositors’ actions
• Institute underwriting policies and procedures to use when establishing relationships with merchant RCC depositors
• Creating due diligence policies and procedures for merchant RCC depositors to identify potentially fraudulent merchants prior to conducting business with these entities
• Integrating (CIP) customer identification procedures into the risk management policies and procedures
• Establishing risk management monitoring program to detect potentially fraudulent payments
• And much more!

Registration Includes:

• Admittance to the each of the two 90-minute calls for as many people as you can fit in a room with a speakerphone
• Access to the specially created presentation handouts (made available 48 hours in advance) which can be printed and used to train all of your front line personnel
• Participation in the 30-minute live Q&A with the speaker following the presentation
• Certificates of completion for all audio conference attendees

About Our Speaker

Gary M. Deutsch, CPA MBA CMA CBA CIA has worked extensively with financial institutions in audit, lending, financial, and operational areas. He has served in senior positions for regional banks as VP of Finance, Real Estate Loan Officer and Senior Audit Manager. Mr. Deutsch served as a consultant to financial institutions in strategic planning, profit improvement, financial management, and merger - and acquisition-related studies while working at KPMG. He was the CFO at a start-up bank, where he organized the accounting, finance, and investment functions to manage significant growth.

Mr. Deutsch is the President of BRT Publications LLC, a professional authoring company serving the financial industry. Some of his published works for AlexInformation include ALM Management Manual, Loan Procedures Manual, Practices and Procedures for Financial Institution Risk Management, Bank Controller’s Manual, Internal Audit Procedures Handbook, and Risk-Based Audit for Financial Institutions.

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