The new IAT regulations become effective on September 18, 2009 and will affect every financial institution, even those that do not currently send or receive international ACH payments. As you know, penalties for non-compliance with OFAC's regulations can be severe.
Complying with the new International ACH Transaction (IAT) Regulations
Verafin is one of North America’s leading BSA/AML Compliance and Fraud Detection software providers. Our comprehensive solution addresses customer risk scoring; suspicious activity detection; automated BSA reporting; watch list and 314(a) checking; fraud detection (check, debit, new account, etc.) case management; and FACTA ID theft red flags.
First published on 09/07/2009