IAT Flashcards
A Gateway means either an ACH Operator or a Participating Depository Financial Institution that acts as an Entry Point to or Exit Point from the U.S. for payment transactions.
True
An ACH Operator acting as a gateway will accept Inbound IAT Entries that are ACH credits or debits
False
A Correspondent Bank is a Gateway that acts as an Entry Point to or Exit point from a foreign country
False
A maximum of twelve Addenda Records may be transmitted with an IAT entry.
True
When sending an NOC in relation to an IAT entry, the seven mandatory Addenda Records will not be needed to process the NOC and will not be included
True
The Ofac Screening Indicators in the IAT format are two optional, single-character fields, found in the First IAT Addenda Record.
False
The Transaction Type Code is found in the IAT Entry Detail Record
False
The use of Return Reason Codes R80-85 are restricted to Gateway use only.
True
The Country Code as approved by the International Organization for Standardization (ISO) is a four-digit code
False
U.S. Military Bases and Embassies, regardless of their location, are considered under U.S. jurisdiction, so the transactions are considered international.
False
A Gateway that discovers an OFAC hit in an IAT debit must identify the entry as suspect and forward it to the RDFI immediately
False
The IAT SEC Code may be used for ACH transactions to consumer or corporate accounts.
True
The IFAC Screening Indicator Field Provides the RDFI with the final determining factor regarding OFAC compliance.
False
A DFI is excused from its compliance with specific obligation under the Nacha Rules only when the processing of an IAT entry would cause the DFI to be in violation of U.S law
True
A “blocked party” on the OFAC list means that countries outisde of the U.S. territories have blocked these entries.
False
