Seat Time: 1hr - Desc:
This course will introduce the learner to the use and purpose of the Automated Clearinghouse (ACH). Additionally, the course will discuss the particular roles and duties of participants and users inside the ACH system. Upon completion of this course, the learner will have a solid understanding of:
- Bank Secrecy Act (BSA) requirements.
- Risk management.
- International ACH Transactions (IAT).
T1. ACH: This topic will explain the use and purpose of the Automated Clearing House (ACH), which has allowed companies to transfer a wide variety of funds safely, dependably, and conveniently for many years, and will provide information on electronic funds transfers, Federal Reserve Wire Transfers, and more.
T2. The ACH System: This topic will discuss the particular roles and duties of participants and users inside the Automated Clearing House (ACH) system, such as originators, receivers, ODFIs, RDFIs, and more.
T3. BSA and ACH: This topic will familiarize the learner with Bank Secrecy Act (BSA) requirements of the Automated Clearing House (ACH) and all U.S. financial institutions in terms of maintaining specific records and reporting specific transactions in an effort to minimize money laundering and terrorist financing.
T4. Risk Management: This topic will explore how increases in activity and the potential for over-automation result in fewer opportunities for reviews of transactions, translating into higher degrees of risk for financial institutions.
T5. International ACH Transactions (IATs): This topic will explain International ACH Transactions (IAT), how they are identified and formatted, how a financial institution is involved in one, and other information.