The ASG Treasury has made changes to its processes for review and approval of bank transfers in the aftermath of the $4.4 million transfer, which ended up in a Wells Fargo Bank account.
According to Deputy Treasurer Levi Reese, forms requesting ACH transfers or payments of significant amounts will no longer be accepted via email. A hard copy of the request must be presented to Treasury.
In addition, the Territorial Bank of American Samoa would call back Treasury to verify any transfer requests for large payments.
There have also been internal control changes within Treasury which gives another layer of protection.
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The Deputy Treasurer was speaking at a hearing of the House Budget and Appropriations Committee.
Rep. Ape Mike Asifoa put it to Reese that it was human error, which resulted in the transfer to Wells Fargo.
The Deputy Treasurer didn’t disagree.
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Levi said when FBI agents were on island last week, they gave Treasury an update of their investigation into the Wells Fargo transfer, but did not provide any details.
As of now, Wells Fargo Bank has returned $4.3 million, leaving a balance of $100,210.07 yet to be returned.
