Internal Control Questionnaires and Verification Procedures

Operating Procedures

1. Do written procedures exist for employees in the incoming, preparation, data entry, balance verification, transmission, accounting, reconciling, and security areas of the wire transfer function?

2. Do the procedures cover:

   1. Access to the wire transfer area and user files?

   2. Terminal security and password control?

   3. Control over test words, signature lists, and opening and closing messages?

   4. Origination of wire transfer transactions and the modification and deletion of payment orders or messages?

   5. Review of rejected payment orders or messages?

   6. Verification of sequence numbers?

   7. End-of-day accounting for all transfer requests and message traffic?

   8. Control over messages or payment orders received too late to process the same day?

   9. Control over payment orders with future value dates?

   10. Retention of unbroken monitor roll?

   11. Supervisory review of all adjustments, reversals, reasons for reversals, and open items?

   12. Contingency planning?

3. Are those procedures periodically reviewed and updated?

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