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In Focus

International ACH Transactions

Question:

Does your institution look at all International ACH Transactions (IATs) or is there a dollar threshold that you set?

Response:

Hi Sarah,

For IATs…do you mean screen all IATs against the Office of Foreign Assets Control or review each IAT as an individual transaction?

If it is the first one—yes, IATs should be screened.

If it is the second one—there is no requirement to review each IAT. Your automated anti-money laundering system can have rules established to look at velocity, volume and/or country risk if your institution has enough IAT risk to justify that type of specialized rule.

Thanks,

Sarah Beth Felix (Whetzel) CAMS

*The question and answers found in this document are excerpts taken from the Policies & Procedures Forum. Visit ACAMS forums to read more posts.

Chapter Happenings

ACAMS’ Chapter Development Program aims to focus the association’s international efforts in anti-money laundering education and training at a regional level. Chapters provide local forums to facilitate discussion, offer education targeting area-specific issues and foster professional networking among ACAMS members.

For more information on ACAMS Chapters please visit the chapters section on www.ACAMS.org or contact our Chapter Relations team at Chapters@acams.org.

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