Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
1 Day ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 Day ago