RW Advantage - Webinars

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Event Name:New NACHA Requirements for ACH Third Party Senders and BSA/AML Regulatory Requirements and Expectations
Date:Monday, January 23, 2017 1:00pm CST
Presented By:BankersHub
Panelist(s) Info: Terri Sands AAP, Founder - Secura Risk Management
Credits:1.2 AAP Credits, 1.0 CPE Credit

Effective September 2017, a NACHA Operating Rules amendment has been approved requiring Originating Depository Financial Institutions (ODFIs) to either register its Third-Party Sender customers’ with NACHA, or provide a statement that it has no such customers. This Rule will impact all Originating Financial Institutions in the ACH Network.  A Third Party Sender is defined as an intermediary between the ODFI and the Originator that performs origination services on behalf of an Originator or another Third Party Sender.  Financial institutions that have this type of relationship should be aware of the new network Rule and the regulatory guidance and implications of the ODFIs BSA/AML program.

This webinar will cover both sides of the requirement focusing on the network Rule and also on the BSA/AML requirements that govern third party processor relationships.

Topics to be covered: 

  • Identifying a Third Party Sender relationship and methods used to identify this relationship from a network and BSA standpoint;
  • The Network Rule that becomes effective September 2017;
  • Preparing for the network Rule based on your role at the ODFI (internal audit, compliance, risk management, cash management, account officer, board of directors)
  • BSA/AML requirements of third party relationships and regulatory expectations based on industry threats;
  • Preparing for Safety and Soundness and BSA/AML audits specific to those ODFIs with third party sender relationships;
  • Best business practices for approving, onboarding and maintaining third party sender relationships.