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Washington
Compliance Check out new foreign payments rule
WASHINGTON (4/28/08)—Credit unions are reminded that NACHA wants all financial institutions to begin studying a new ACH international payments rule scheduled to become effective March 20 of next year. It requires these payments be identified as “international ACH Transactions” using a new Standard Entry Class Code: IAT. “NACHA urges all institutions to familiarize themselves with the new rule and begin assessing its impact on operations well in advance of the mandatory compliance date next fall,” the Credit Union National Association (CUNA) compliance staff points out in the April Compliance Challenge. The rule is intended to help institutions comply with the Office of Foreign Assets Control (OFAC) regulations by enabling them to easily identify all international payments flowing through the ACH network, and all parties involved in these transactions. Among other things, the new rule will require that IAT payments include specific data elements, now mandatory for wire transfers under the Bank Secrecy Act’s “Travel Rule.” These are:
* Originator name, address, account number; * Originator’s depository institution name, and payment amount; and * Receiver name, address, account number, and 4. the receivers financial institution.
Use the resource links below for detailed information on the new rule available on the NACHA website and for more compliance gems from CUNA.
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