IATs, ODFIs and OFAC Compliance

February 6, 2013

As far back as 1807, the United States has imposed sanctions against foreign parties that sought us harm. Today, OFAC’s job is decidedly more complex than getting sailors safely from harbor to harbor.
One complicated initiative concerned NACHA’s 2009 implementation of new rules surrounding International ACH Transactions (IATs). The additional requirements aligned NACHA operating rules with OFAC compliance obligations, and direct financial institutions engaging in IATs to screen the electronic payments against OFAC’s Specially… [more]

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