GEN-235613 - Guidance to National Automated Clearing House Association (NACHA) on domestic and cross-border ACH transactions- (041214-FACRL-GN-02)

Date issued: Nov. 09 2004

You've hit a wall. Sign in if you have an account, or learn more about TURBOFAC and subscription options.
TURBOFAC is a module of the compliance platform OverRuled. To learn more about OverRuled, visit www.overruled.com.

TURBOFAC Commentary (98 words)

Notes:

1) See FAC Ref: Gen-155913, pre-dating this guidance and dealing with some of the same issues.

See also Letter from OFAC to Nacha re: Rejecting IAT Transactions (2009) and ii) FAC No. GEN-594137 for subsequent guidance provided by OFAC to the National Automated Clearing House Association.

This guidance clarifies that even though inbound transactions are screened by FedACH, banks are not relieved of their obligation to screen as well. Letter from OFAC to Nacha re: Rejecting IAT Transactions (2009) appears to modify this guidance, permitting the rejection of transactions that would otherwise be blockable.