NACHA Policies and Procedures for Compliance | Data Breaches | OFAC | Fraud | Risk Management
14. What is NACHA and what policy and documents are needed for ACH payments compliance?
NACHA - The Electronics Payments Association - began in the 1970's in California with a concerted effort amongst a select group of bankers seeking to promote uniformity and consistency for automated payments. Fast forward to today's banking world, and what's been put forth is one of the most well-recognized and safest banking payment platforms in the world - the ACH payments system. Being part of the ACH platform is a privilege - one that comes with many benefits - however, rules must be abided by, and there are numerous, for sure. What's also in place are a number of specific requirements for policies and procedures relating to OFAC compliance, fraud, along with risk assessment.
Specifically, NACHA, as discussed in their annual Operating Rules & Guidelines, requires a strong system of internal controls, measures for protecting against data breaches, along with systems for detecting and preventing fraud. Specifically, NACH states the following:
"... adequate control systems to detect and prevent fraud..." along with adopting "...reasonable policies, procedures, and systems...to protect against data breaches." - www.nacha.org
It's a comprehensive set of requirements, and all participants within the ACH payments system must adhere to these measures, or suffer severe penalties.
NACHA Requires Policies and Procedures for ACH Compliance
That's where the /FLANK21 set of operational, business specific, and information security documents from FLANK can greatly assist in complying with the various requirements for documented policies, procedures, and related processes in accordance with NACHA's annual Operating Rules & Guidelines. When purchasing and downloading today from FLANK, you'll receive hundreds of quality policies, procedures, and other supporting documentation for helping meet compliance as required for the ACH payments system.
You'll receive a comprehensive set of documents for fraud awareness, numerous information security policies and procedures and various other supporting documents for helping comply with the strict mandates set forth in NACHA's annual Operating Rules & Guidelines. Being a part of the ACH payments system has its benefits, but it also comes with numerous responsibilities, such as having documented policies and procedures in place.