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CUNA News Now
FTC 'red flags' rule for state-chartereds delayed again
Guidance on Supporting Information Suitable for Determining the Portion of a Business Customer’s Annual Gross Revenues that is Derived from Activities Ineligible for Exemption from Currency Transaction Reporting Requirements
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FFIEC Business Continuity Planning IT Examination Handbook
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Pandemic Preparedness – World Health Organization
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Volunteer Corporate’s Annual Automated Clearing House (ACH) Audit Policy
VolCorp’s 2008 ACH Audit was performed as required by the provisions outlined and in accordance with the requirements of Appendix VIII of the National Automated Clearing House (NACHA) Operating Rules. VolCorp Management and Supervisory Committee review the results of all internal and external audits routinely performed on our systems and related operations. If you have any questions regarding VolCorp’s ACH Audit Policy, please contact our Marketing department at extension 3.
Print ACH Audit Confirmation
Compliance with Office of Foreign Assets Control (OFAC)
After the September 11, 2001 terrorist attack, President Bush issued an Executive Order requiring all financial institutions to immediately block any assets held in the names of individuals or organizations identified as being associated with a terrorist group and to immediately notify the Office of Foreign Assets Control.
Although the terrorist attacks have brought attention and urgency to this effort, credit unions have been responsible for identifying and blocking assets and transactions for a number of years. Credit Unions are required to enforce these sanctions and should maintain current lists of prohibited individuals and countries, and compare their members, new members, accounts and transactions against the Treasury’s list at www.treas.gov/ofac.
We encourage you to utilize the following resources for compliance with the USA Patriot Act, OFAC, Bank Secrecy, Money Laundering and more.
www.BankersOnline.com
www.OFACcompliance.com
www.ComplianceHeadquarters.com
www.MoneyLaundering.com
www.ncua.gov
Foreign Incoming and Outgoing Wires and The Office of Foreign Assets Control (OFAC)
OFAC maintains a list of foreign countries, individuals, terrorists and narcotics traffickers banned from receiving transactions. Financial institutions and their staff failing to block funds directed to banned entities face penalties such as fines and/or jail time. There are no exceptions to these rules for type or size of financial institution or transactions.
INSTRUCTIONS. When handling an incoming or outgoing transaction, it is the credit union’s responsibility to check the most recent OFAC listing to ensure the transaction originator and recipient are not banned. You may obtain updated information from OFAC’s website at www.treas.gov/ofac. If either entity is found to be on OFAC’s list, the transaction must be blocked immediately. You must notify the originating member and notify OFAC within 10 days, as required by law.
If you need any additional information after reviewing this, call OFAC at (800) 540-OFAC (6322).
U.S. Central Credit Union’s ACH Audit Policy
The required annual audit of Automated Clearing House (ACH) rules compliance has been completed and the results of the audit indicate that as a third-party service provider, U.S. Central is compliance with NACHA Operating Rules.
Read Official Letter
If you have any questions regarding U.S. Central’s ACH Audit Policy, please contact VolCorp’s Marketing Department at extension 3.
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