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What major changes can institutions expect with the new IAT SEC code?

April 26, 2017changes code expect iat Institutions sec

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What major changes can institutions expect with the new IAT SEC code?

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The IAT SEC code will be used for both consumer and corporate international ACH credits and debits. In addition to requiring data elements defined by the Bank Secrecy Act’s (BSA) “Travel Rule”, OFAC screening indicators will be included with each payment to help RDFIs identify suspicious payments. Furthermore, all international inbound transactions will allow the use of a secondary SEC code to further identify the file type for all WEB, TEL, ARC, POP, BOC, and RCK transactions where applicable.