ACH, BSA and OFAC Policy Updates

Product Update Notification - 09/30/08

ACH, BSA and OFAC Policy Template Updates

Bankpolicies.com is proud to announce the immediate availability of the following revised products:

Automated Clearing House Policy Template

Office of Foreign Assets Control Policy Template

The update to the Automated Clearing House Policy Template is in response to the Federal Reserve Letter Dated August 4, 2008 that announces that the effective date for the NACHA Rule for International ACH Payments has been extended to September 18, 2009. The purpose of the International ACH Transaction (IAT) rule is to enable financial institutions to identify international ACH payments, and perform due diligence as required by the U.S. Office of Foreign Assets Control (OFAC).

http://www.frbservices.org/files/communications/pdf/fedach/080408_iat_date.pdf

The Bank Secrecy Act Policy Template and Office of Foreign Assets Control Policy Template were also updated in response to the above guidance. In addition, both products contain an additional update in response to the Federal Register Release Dated September 8, 2008 for Interim Final Rule 31 CFR Part 501 - "OFAC Economic Sanctions Enforcement Guidelines." This interim final rule supersedes the Economic Sanctions Enforcement Guidelines set forth in OFAC's proposed rule of January 29, 2003 (with the exception of the proposed Appendix to the Cuban Assets Control Regulations, 31 CFR Part 515, set forth therein) and the Economic Sanctions Enforcement Procedures for Banking Institutions set forth in OFAC's interim final rule of January 12, 2006. The interim final rule is effective September 8, 2008.

NOTE: The complete text of the Office of Foreign Assets Control Policy Template is included as Topic 14 within the Bank Secrecy Act Policy Template.

What's New and Revised

Please visit the following pages of our website to review detailed subject matter regarding new and revised topics for these products:

Automated Clearing House Policy Template

Bank Secrecy Act Policy Template

Office of Foreign Assets Control Policy Template

Ordering Information

These revised products are available to purchase from Bankpolicies.com for:

Automated Clearing House Policy Template

$325.00 - List Price

- or -

$75.00* - Update Price

*Applies only to clients who have purchased the Automated Clearing House Policy Template within the last three years in addition to the following prior updates (if applicable):

Automated Clearing House Policy Template Update - 11/28/07 - $75.00

Automated Clearing House Policy Template Update - 09/27/06 - $50.00

Bank Secrecy Act Policy Template

$475.00 - List Price

- or -

$75.00* - Update Price

*Applies only to clients who have purchased the Bank Secrecy Act Policy Template within the last three years in addition to the following prior updates (if applicable):

Bank Secrecy Act Policy Template Update - 09/27/07 - $100.00

Bank Secrecy Act Policy Template Update - 06/19/07 - $25.00

Bank Secrecy Act Policy Template Update - 11/30/06 - $25.00

Bank Secrecy Act Policy Template Update - 09/12/06 - $150.00

Bank Secrecy Act Policy Template Update - 01/12/06 - $25.00

Office of Foreign Assets Control Policy Template

$275.00 - List Price

- or -

$75.00* - Update Price

*Applies only to clients who have purchased the Office of Foreign Assets Control Policy Template within the last three years in addition to the following prior updates (if applicable):

Office of Foreign Assets Control Policy Template Update - 09/27/07 - $50.00

Office of Foreign Assets Control Policy Template Update - 09/12/06 - $50.00

Office of Foreign Assets Control Policy Template Update - 02/21/06 - $100.00

If you have ordered any of these products after 08/30/08 you are eligible to receive the updated product at no charge.

Click here to place an order for any of these products. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price of each product (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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