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Audio Conference Series:
OFAC Requirements and The New International ACH Transaction (IAT)

Order Online:
CD only: $299.00 Order Now!
Date: Thursday, July 16, 2009
Time:* 1:00 pm - 2:30 pm ET
Featured Speaker: Margaret L. (Marge) Simmons
Duration: 90 Minutes
Location: Your office or conference room
Prerequisites: None
*Time reflects Daylight Saving Time
If your area does NOT observe Daylight Saving Time, the time will be one hour earlier.

September 18, 2009 is an important deadline for institutions that originate and receive ACH transactions. That’s the day the new International ACH Transaction (IAT) goes into effect. Is your institution ready to be in compliance with the new amendment and with OFAC requirements?

About This Audio Conference:

When the new rule amendment goes into effect, all IAT entries will be subject to OFAC screening. Financial institutions that originate ACH transactions will be responsible for identifying which transactions need to be IAT entries and for the OFAC screening of those entries. Financial institutions that receive IAT transactions will need to screen the receiver and originator for each IAT entry they receive. All financial institution must have an established written OFAC compliance policy for handling IAT transactions and meet OFAC compliance obligations.

These changes are drastic. IAT transactions will require different handling than domestic transactions. Financial institutions must start preparing their staff now. Non-compliance with OFAC regulations can lead to severe penalties.

Industry expert Marge Simmons will cover the following:

  • An Overview of the NACH rule amendment
  • Compliance with the new rules
  • The new IAT format
  • RDFI OFAC screening requirements
  • ODFI OFAC screening requirements
  • OFAC compliance policy tips

The program includes a 30-minute Q&A session following each session. Listen in and get the chance to ask your specific questions!

Registration Includes:

  • Admittance to the 90-minute call for as many people as you can fit in a room with a speakerphone
  • Access to the specially created presentation handouts (made available 48 hours in advance)
  • Participation in the 30-minute live Q&A with the speaker following the presentation
  • Certificates of attendance for all audio conference attendees

About Our Speaker

Margaret L. (Marge) Simmons, AAP, CCM

Margaret L. (Marge) Simmons, AAP, CCM, is President of Electronic Payments Advisory Services. Her 30 years of experience in the area of electronic payments includes management and development of ACH software at Brinkman Technologies in Carrollton, Texas, President of The Payments Authority, Michigan’s regional payments association, and 12 years in Treasury Management at Comerica Bank in Detroit, Michigan.