Recorded: April 21, 2016
Length: 60 Minutes
Part 3 of a 3-Part Series
Audit Requirements for ODFI’s and Third Party Service Providers, and Third Party Senders when performing an obligation of the ODFI, must conduct an audit of the following relating to the origination of ACH entries.
- Unique requirements of Third Party Senders
- Origination and applicable sending point Agreements
- Oversight and Assessment of risks of originator’s or Third Party Sender’s ACH activity
- Regular review of each originator’s or Third Party sender’s exposure limits
- Monitoring of originator’s return rate activity
- Proper handling of return and extended return and dishonored
- Proper handling of NOC’s and corrected NOC’s
- Proper handling of RDFI requests for Receiver’s Authorization
- Handling of late return entries
- Proper disclosures for UCC 4A compliance
- Commercially reasonable verification of identity of originators
- Verification of proper initiation of reversing entries/files
- Verification of all required steps for Direct Access status have been completed as applicable
Presenter: Don Caniglia, Senior Security Consultant with InfoSight, Inc.
Don has more than 40 years of direct experience in Banking and S&L operational Audit, IS Audit, Systems Support and Information Security, with the last 10 years providing IT Audit, Security and Compliance, Risk and Governance consultation services. Don works closely with InfoSight customers to design and implement information security programs. Don performs many seminars and has presented more than 500+ instructional sessions to customers.
1 CPE Credit
Program Level: Basic-Intermediate
For more information, call 800-422-7285.
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