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IAT effective date extended to Sept. 18
WASHINGTON (3/24/09)--NACHA has extended the effective date of the International ACH Transaction (IAT) rules and formats to Sept. 18. The original effective date was Friday. NACHA encourages institutions to use the six-month extension for additional process documentation, testing with the ACH operators, and consumer education and training. The ACH rule changes are designed to improve institutions’ ability to identify the parties involved in international payments flowing through the ACH network, said Valerie Moss, director of compliance information at the Credit Union National Association. The rules will facilitate compliance with Office of Foreign Assets Control (OFAC) regulations. OFAC requires credit unions and others to block property and reject transactions involving any country, entity, or individual on OFAC's Specially Designated Nationals and Blocked Persons list.


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