New Rules and Formats for International ACH Transactions

Training Provided by Lorman Education Services nInternational commerce is rapidly growing but with that growth comes challenges, the most significant being the need to track transactions to ensure funds are not being disbursed to or from individuals that are threats to the U.S. The Office of Foreign Asset Control is the government organization that tracks this information. Their regulations require that all international transactions comply with the travel rule which includes all sorts of information not currently carried in domestic ACH entries. To comply with this regulation, the NACHA and its members designed and developed a new format along with the rules to support it that enables international transactions to flow through the ACH network. This teleconference will explain the why the new rules and formats were needed, what will included in the new formats, and the impact these transactions will have on the ACH network and payments in general.

New Rules and Formats for International ACH Transactions Agenda

1. Overview of the International ACH Transaction
1. Why Is This New Transaction Type Necessary?
2. The Official Definition on an IAT Entry
3. When Will the New Code Be Used?
4. The Role of the Office of Foreign Asset Control
2. Participants and Their Responsibilities
1. The Gateway Operator
2. Originating Financial Institutions
3. Receiving Financial Institutions
4. Foreign Correspondents
3. Formatting Requirements
1. Differences Between Standard ACH Entries and IAT
2. Formatting Issues
3. The Importance of OFAC Screening
4. Exception Issues
1. Returns in an IAT Environment
2. Notifications of Change and Adjustment Entry Issues
5. Conclusion Effective Date for IAT

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