Example Wire Transfer Policy & Procedure

1. Streamline Your Technology®
9810 E. 42nd Street, Ste. 209, Tulsa, OK 74146
Main: (918) 622-1167 Fax: (918) 728-3306 Toll Free: (866) 667-8799
Policy Statement
This Wire Transfer Policy and Procedure ("Policy") outlines the guidelines and
steps to be followed by employees of [Company Name] when initiating or
approving wire transfers. The purpose of this policy is to ensure the secure
and accurate transfer of funds while minimizing the risk of fraudulent activities
and errors. Compliance with this policy is mandatory for all employees
involved in the wire transfer process.
Scope
This policy applies to all employees who have the authority to initiate or
approve wire transfers on behalf of [Company Name].
Wire Transfer Authorization
1. Authorized Personnel: Only authorized employees designated by
[Company Name] may initiate or approve wire transfers. The list of
authorized personnel will be maintained and updated by the Finance
Department.
2. Dual Authorization: All wire transfers must require dual authorization.
This means that two authorized employees must independently verify
and approve each wire transfer. The first employee initiates the transfer,
and the second employee approves it.
Wire Transfer Request Process
1. Request Initiation: The employee requesting the wire transfer must
complete a Wire Transfer Request Form, including the following
information:
• Beneficiary's name and bank account details
• Amount to be transferred
• Purpose of the transfer
• Any supporting documentation required. The requestor must
ensure accuracy and completeness of the information provided.

2. Streamline Your Technology®
9810 E. 42nd Street, Ste. 209, Tulsa, OK 74146
Main: (918) 622-1167 Fax: (918) 728-3306 Toll Free: (866) 667-8799
2. Verification: The designated Finance Department representative will
verify the request for accuracy and completeness. The Finance
Department representative will validate the authenticity of the
requestor's identity and authorization via phone call to the direct
recipient and exact match payee information on file.
3. Dual Authorization: The first authorized employee initiates the wire
transfer using the company's online banking system or designated wire
transfer platform, after exact match verification of Finance accounts
payable information and phone call to the recipient. The second
authorized employee independently reviews the wire transfer request of
exact match Finance payables information and phone call to the
recipient, ensuring that it aligns with company policies and financial
objectives. Both authorized employees must sign off on the wire transfer
request, confirming their approval.
4. Documentation: Copies of the Wire Transfer Request Form,
authorization records, and any supporting documentation must be
maintained for audit and record-keeping purposes.
Security Measures
1. User Access Control: Access to the company's online banking system or
wire transfer platform is restricted to authorized personnel only. Multi-
Factor Authorization must be used with passwords and access
credentials must be securely managed and regularly updated.
2. Employee Training: Employees involved in wire transfer activities must
undergo periodic training on wire transfer policies and procedures.
Employees must be aware of common wire transfer fraud schemes and
exercise caution.

3. Streamline Your Technology®
9810 E. 42nd Street, Ste. 209, Tulsa, OK 74146
Main: (918) 622-1167 Fax: (918) 728-3306 Toll Free: (866) 667-8799
Review and Compliance
This Wire Transfer Policy and Procedure will be reviewed annually to ensure its
effectiveness and compliance with regulatory changes. Non-compliance with
this policy may result in disciplinary action, up to and including termination of
employment.
Acknowledgment
I, [Employee Name], acknowledge that I have read and understood the Wire
Transfer Policy and Procedure of [Company Name]. I agree to comply with all
the requirements and guidelines outlined in this policy.
Signature: ______________________ Date: ______________________
[Company Name] Employee ID: ______________________
Appendix: Wire Transfer Request Form
• Requestor Information:
• Full Name: ______________________
• Department: ______________________
• Employee ID: ______________________
• Wire Transfer Details:
• Beneficiary's Name: ______________________
• Beneficiary's Bank Name: ______________________
• Beneficiary's Bank Address: ______________________
• Beneficiary's Account Number: ______________________
• Amount to be Transferred: ______________________
• Purpose of Transfer: ______________________
• Supporting Documentation (if any): ______________________

4. Streamline Your Technology®
9810 E. 42nd Street, Ste. 209, Tulsa, OK 74146
Main: (918) 622-1167 Fax: (918) 728-3306 Toll Free: (866) 667-8799
• Dual Authorization:
• First Authorized Employee (Signature): ______________________
• Second Authorized Employee (Signature): ______________________
• Finance Department Verification:
• Verified by (Finance Representative): ______________________
• Date: ______________________
Note: This template is provided as a general guideline and should be
customized to meet the specific needs and regulations of your organization.
Consult with legal and financial experts to ensure compliance with applicable
laws and industry standards.