Unauthorized Checks and Timely Returns

Description

Counterfeits, forgeries, altered checks, unauthorized Remotely Created Checks: What do you do when a customer tells you an unauthorized check has paid against their account? This session will review the UCC and Regulation CC warranties made by a Depositary Bank when it presents checks for payment to a Paying Bank, and the obligations of a Paying Bank when it pays unauthorized checks. Learn and understand timely return requirements as specified by the UCC Midnight Deadline for all returns and the Regulation CC expedited return warranty made by a Paying Bank when it returns a check. In addition, this session will help you understand the ECCHO Rule 9 warranty made in the exchange of counterfeits and forgeries under ECCHO governed exchanges.

Dal Bolt is a veteran of the banking business, and has held senior management positions in commercial banking and the credit union industry. His experience includes bank and branch operations, fraud and security, training and education, and he has served as BSA Officer. Dal has expertise in compliance, product development and implementation, Check and ACH rules, regulations, and payments risk management. Dal has acquired both the National Check Professional (NCP) certification and the Accredited ACH Professional (AAP) certification. Currently, Dal is Director of Education for ECCHO, a division of The Clearing House.

Our Host:

Nancy Lake has over 16 years of experience in the BSA/AML world and was CAMS certified in 2008. Nancy received her CAMS-Audit certification in 2013 and her CAMS-FCI certification in 2015. She has conducted bank wide BSA/AML training, including Board of Director training. Along with conducting monthly online training, Nancy speaks at numerous conferences through the year in the U.S., and even overseas. For six years, she was an instructor at the PA Bankers School of Banking, and for 7 ½ years Nancy served as Director of Compliance Anchor, the training and consulting division of Atlantic Community Bankers Bank. Nancy has utilized her BSA experience as an educator to assistance to financial institutions in the areas of training, risk management, and the development of sound internal programs and best practices for the past 16 years. She has previously served as BSA Officer in multiple community banks where she successfully created and implemented the entire BSA program, including one bank with numerous international MSBs. Nancy has experience working with and implementing several automated BSA/AML transaction monitoring systems. In September 2020, Nancy joined ARC Risk and Compliance as their Director of Training.

Recorded on Thu. June 17, 2021 2:00 PM – 3:00 PM EST