Webinars
New Rules for International ACH Payments Under OFAC
November 24, 2009 at 02:00 PM ET
Did you know? OFAC has triggered new rules that you must comply with—now—if you use the electronic banking network to make payments to foreign vendors or individuals outside of the U.S.?
Did you know? OFAC maintains a list of terrorists, drug runners, money launderers, and other unsavory individuals identified by the U.S. government with whom no business can be conducted.
Did you know? Accounts payable departments are required to be in compliance with OFAC rules—or face fines up to $10 million and up to 30 years imprisonment.
Don’t let your AP department take that risk.
Join IOMA and Mary Kate Cole, AAP, vice president of the Upper Midwest Automated Clearing House Association (UMACHA), as she explains in simplest terms the new ACH-related compliance obligations of U.S. entities with payment and other restrictions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
In just 90 minutes, you will:
- Gain an understanding of OFAC compliance requirements for ACH payments
- Learn which ACH entries must now be international ACH transactions (IATs)
- Understand what information is required in an IAT entry
- Learn what to do if you find a match in your file with the OFAC list
- Receive resources to help you maintain compliance
FEATURED FACULTY:
Mary Kate Cole, AAP
Vice President, UMACHA
Mary Kate Cole, AAP, Vice President of UMACHA, the Upper Midwest ACH Association, a regional payments association serving 900 members across the upper Midwest.She has nearly two decades of bank operations experience, and has been with UMACHA since 1995.In her current role, Mary Kate is responsible for member education and problem solving as well as ACH development projects.She received her AAP accreditation in 1995 and has maintained it since then.In addition to her role at UMACHA, Mary Kate is active in several NACHA Rules Work Groups. She currently sits on NACHA’s Council for Electronic Billing and Payment. Mary Kate is a popular speaker at both local and national conferences on electronic payments related topics.
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