As of September 18, 2009, NACHA rules require every ACH payment entering or exiting the United States to be identified and formatted as an International ACH Transaction (IAT) and EACH transaction must be reviewed for OFAC compliance. All U.S. financial institutions are affected by this rule, even those that do not currently send or receive international ACH payments as any financial institution may potentially receive an IAT transaction. Every financial institution needs to understand how it is impacted by the new NACHA rule. Penalties for non-compliance with OFAC's regulations can be severe.
The IAT Survival Guide can help! Table of Contents-- Overview - IAT Executive Summary-- Why does this apply to your organization-- OFAC Obligations-- FI Responsibilities-- Communications with the Corporate Originator-- Best practices-- Frequently asked questions-- IAT scenarios-- Technical standards and mapping-- IAT and International Payment Standards-- Glossary-- Resources section
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Click here to download the IAT Survival Guide Supplement #1-2009 (PDF)