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Course Details

Third Party Payment Processors - Why are Examiners Concerned?

Webinar: ID# 1000887
Date: Recorded
About This Course:
The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2012-A010 on October 22, 2012, Risk Associated with Third-Party Payment Processors. FinCEN issued the advisory due to reports of recent increases in certain criminal activity by Payment Processors, which presents a risk to the payment systems by making them vulnerable to money laundering, identity theft, fraud schemes, and illicit transactions. The advisory also discusses the potential requirements for filing Suspicious Activity Reports (SARs).

Developing a relationship with a third-party processor can be extremely valuable and a very positive experience. However, there are additional rules and compliance steps that must be followed when building this relationship and in the procedures and processes you must have in place when working with a third-party processor. This webinar will examine these rules and compliance challenges. We'll examine how a third party processor affects your ability to process transactions and affects your ability to remain in compliance with the rules and regulations that govern ACH. You'll also discuss what IT security examiners are concerned with and what they may be looking for when doing an audit.

Don't miss this interactive webinar presented by a former examiner and an expert in the payments industry.

Covered Topics:

  • Develop an understanding of the role a third-party processor plays in ACH
  • Examine the ACH Operating Rules surrounding third-party processors
  • Gain insight into the concerns of financial institution IT security examiners
  • Discuss the new FDIC guidance that relates to third-party processors

Who Should Attend

ACH Operations, Compliance, Risk Managers, Operations, Senior Management, and Auditors.

The Presenter

Susan Orr is a leading financial services expert with vast regulatory, risk management, and security best practice knowledge and expertise.

As an auditor and consultant, Susan is dedicated to assisting financial institutions in implementing appropriate policies and controls to protect confidential information and comply with regulatory mandates and best practices. Her expertise as an auditor and former examiner provides her the knowledge and expertise to conduct comprehensive IT general control and data security reviews and assist de novo institutions in the vendor selection process, preparing policies and procedures, and instituting controls. She also consults for numerous security providers and vendors helping them align products and services to meet institution regulatory mandates. Susan is a Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC), and Certified Risk Professional (CRP).

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Third Party Payment Processors - Why are Examiners Concerned?
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