Geared to a Main Street audience, this e-newsletter will provide a sampling of the latest speeches, research, podcasts, videos, lesson plans and much more. Sign up now to have this emailed to you monthly at no charge.View Publication
By March 20, 2009, all international transactions made via the ACH network will be required to use the IAT (International ACH Transaction) SEC (Securities and Exchange Commission) code.
It’s a new rule that applies to all ACH participants. The rule will simplify the process of identifying international transactions by requiring that IAT entries include specific data elements defined by the Bank Secrecy Act’s travel rule.
The change will make it easier for depository financial institutions to comply with U.S. laws, such as requirements by the Office of Foreign Assets Control (OFAC). It will also define new parties to the IAT entry and enhance processing efficiencies for all ACH participants.
Read more at www.frbservices.org, including preparation instructions.
Keep up with what’s new and noteworthy at the St. Louis Fed. Sign up now to have this free monthly e-newsletter emailed to you.
Fed in Print: An index of the economic research conducted by the Fed.