Dual Control definition

Dual Control refers to the segregation of duties such that one individual may initiate a transaction while a second individual may verify, approve, and/or release it. Dual Control is a required System Security Procedure for both the ACH and Wire Transfer Services. In the event Customer is not willing or able to designate two or more Users and segregate functions for security purposes, Bank will be relieved of responsibility for any unauthorized or inappropriate access to Customer’s Account(s) through the completion of Bank’s Waiver of Dual Control Form. For administrative functions, Dual Control is an optional System Security Procedure that reduces the potential for internal fraud and external compromise from malicious software, especially if the individuals performing the administrative function(s) in question use different access devices. When a security token device is used as part of the Credentials, Customer agrees to establish and implement physical, technical and administrative measures to prevent unauthorized use of such tokens. Losses that arise from unauthorized access to the System because of improper safekeeping of tokens are the responsibility of Customer. Customer agrees to notify Bank immediately if any tokens should be lost or placed in the custody of an unauthorized Person. Customer agrees to educate its Administrators and Users in appropriate security procedures including, but not limited to, signing off the System when they are not using it; the risks associated with opening email and/or attachments, especially those from unknown sources; and the risks associated with clicking on or opening pop-ups and web links. Customer agrees to maintain appropriate technological safeguards including, but not limited to, strong web content filtering and scanning, firewalls, and anti-virus, anti- spam, and anti-spyware systems. Customer acknowledges that it is Customer’s responsibility to keep hardware and software systems up-to-date, including the most current security patches. Customer acknowledges and agrees that Bank’s System Security Procedures and controls are commercially reasonable based on the size and complexity of Customer’s business and are appropriate for Customer’s Accounts. Customer further acknowledges and agrees that System Security Procedures and controls may change from time to time. If Customer, at any time, believes that security is insufficient or not commercially reasonable, Customer agrees to notify Bank immediately.

Dual Control means, in the context of this System, a control procedure whereby the active involvement of two people is required to complete a specified process. The pairs of people may be alternated, subject to adequate authorizations and Purchaser's decisions. These two instances of involvement may or may not have to be simultaneous.

Dual Control means a method of alternative automatic or car-switch control, so arranged that either may be used but not both at the same time;

Examples of Dual Control in a sentence

• Dual Control requires two separate parties representing the Customer to review and authorize the ACH or Wire request before the Bank will accept the request and proceed with the transaction.

• The DEPARTMENT may waive any minor informality or non-conformity or irregularity in a tender which does not constitute a material deviation, provided such a waiver does not prejudice or affect the relative ranking of any Tenderer.Prior to the detailed evaluation, pursuant to ITT Clause 22, the DEPARTMENT will determine the substantial responsiveness of each tender to the tender documents.

• It was also agreed that the turnover so calculated would be applicable for the purposes of Threshold, Compounding Scheme and Dual Control.

• However, if you choose to not use an additional security tool (such as Dual Control) that we make available to you, then you release and hold us harmless from any loss that you or we may suffer to the extent that such loss could have been detected, prevented, reduced or recovered by your use of that additional security tool.

• A Business with more than one Administrator or User will require an administrator or user to approve a wire initiated by another administrator or user unless the Business Opt-out of Dual Control.

More Definitions of Dual Control

Dual Control means the work of one person in processing transactions being verified by a second person and both sharing the accountability.

Dual Control means that two employees maintain custody of a Currency and/or Coin shipment, and both verify it to the appropriate records.

Dual Control means a security procedure whereby the consent of more than one Authorized Representative is required to initiate any Instructions.

Dual Control means that two employees maintain custody of a Currency and/or Coin shipment and both verify it to the appropriate records.should perform a closer inspection of the contents. The FRB recommends that You open the bag(s) and/or containers and perform a Strap and Bundle count of the Currency. If You find a difference, notify Your servicing FRB immediately and refer to Section 6.0, Handling Differences in Currency and Coin, for instructions.

Dual Control means when a Service requires an Entry to be made by one Authorized Representative’s Security Device and approved by means of another Authorized Representative’s Security Device.

Dual Control means that the services must be performed by i) Carrier's representative in the presence of one or more other qualified Carrier representatives, or ii) Carrier's representative working at all times under video camera surveillance (video camera surveillance shall provide full view of all work areas).

Dual Control means a method of control whereby automatic control or car switch control may be used alternatively but not simultaneously;