International ACH Transactions (IAT) and OFAC Compliance

You may have received notification concerning readiness for IAT and OFAC screening compliance. CBS is aware of this requirement and is already working on the enhancements to CAMS-ii OFAC and FinCEN scanning accordingly to meet this requirement by the 9-18-2009 implementation date.

CAMS-ii ACH processing (most likely during ACH Workfile Clearing) will initiate the OFAC and FinCEN compliance scanning of any IAT transactions, log the scan in the OFAC Compliance Log, and report any possible matches to the OFAC or FinCEN exception areas of Exceptions/Pendings for credit union review. ACH posting will give a warning if there are OFAC/FinCEN IAT exceptions that have not been handled by your OFAC compliance officer.

The OFAC compliance scan will occur automatically for those credit unions licensed for CAMS-ii OFAC Screening. Those credit unions using other OFAC Compliance software will need to manually conduct the IAT OFAC compliance screens in accordance with instructions from the software vendor.

Please submit any questions concerning this posting to the CBS Issue Tracking System.