National Financial Crime Fighters Day
Real estate transactions are target or a cover for many different financial crimes. As a title and settlement agency, we are in a continuous battle against financial crime and our technique for fighting these financial crimes is to prevent the crimes from taking place. Thus, Zwiren Title has established the following procedures:
- Daily Closing Department Meetings: Our closing team meets daily to discuss upcoming closings and potential issues that may occur.
- Verbal Confirmation of Wire instructions: Before sending a wire, we call to confirm the wire instructions we've received are correct, to ensure funds are wired to the correct account.
- Two-Party Wire Approval: In order to send a wire, two authorized employees must be involved: an initiator, who enters the wire amount and an approver who confirms the amount and instructions are correct.
- Positive Pay: Everyday, we receive images of our disbursed checks that have been cashed or deposited. We review the check amount and endorsement to confirm the intended payee(s) deposited the checks. If there is any issue, we can stop they payment of the check.
- Daily Escrow Account Reconciliation: Our escrow account is reconciled every day to ensure all funds coming in and going out are accounted for. (Account Reconciler is prohibited from disbursing any funds from the escrow account).
- Company Insurance: We have a comprehensive Cyber Insurance and Fidelity Policy.
National Financial Crime Fighter Day is celebrated on October 26 every year. The objective of the day is to celebrate anti-money laundering professionals and the positive effect their work has on financial institutions in the US. The first ever Financial Crime Fighter Day was held in 2017 and was organized by a risk management technological platform used by financial institutions in America. It was created to honor anti money laundering professionals and acknowledge the extremely important work they do.