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#1233238 - 08/14/09 08:14 PM IAT Travel Rule
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
Posts: 498
Can someone please confirm that this statement is correct. On 9/18/09 the Travel Rule will apply on all IATs in the amount of $3000 or more. So we will need to keep record of these transactions just like we do wires. Correct? Thank you!!

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#1233352 - 08/15/09 02:23 AM Re: IAT Travel Rule ComplianceGurl, CRCM
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,672
Galveston, TX
Yes:

On September 18, 2009, an amendment to the National Automated Clearinghouse Association (NACHA) Operating Rules will become effective that has the potential to impact U.S. businesses that send or receive ACH payments. This amendment will require all payments funded internationally or sent to another country via the ACH Network to be identified as International ACH Transactions using a new Standard Entry Class (SEC) Code—IAT. The new Rule will also require that IAT payments include specific data elements defined by the Bank Secrecy Act’s (BSA) “Travel Rule.”
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#1233442 - 08/17/09 12:38 PM Re: IAT Travel Rule rlcarey
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
Posts: 498
Thanks!

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#1236541 - 08/20/09 08:53 PM Re: IAT Travel Rule ComplianceGurl, CRCM
LynnH Offline
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LynnH
Joined: Dec 2002
Posts: 129
NH
There is no dollar limitation with IAT though is there? Isn't the information required on all IAT transactions?

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#1236618 - 08/20/09 10:29 PM Re: IAT Travel Rule LynnH
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,704
Cape Cod
No dollar trigger for the IAT travel rule info. All 7 required addenda records, where the info on the Receiver and Originator is carried, must accompany the entry.
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