Details
December 15, 2016
12:30PM - 2:00PM
Third-Party Sender Registration Rule: Understanding the New Rule & the Broader Business Context
Webinar
Member Price: $225 Non-Member Price: $325
Click here to Register!
Know Your Customer (KYC) is a bedrock principle of financial services and is of particular importance to an Originating Depository Financial Institution (ODFI). When originating ACH payments for a Third-Party Sender, that principle extends to Know Your Customer’s Customer (KYCC).
In addition to ensuring that annual audits of its Third-Party Sender customers are performed as required by the Nacha Operating Rules, every ODFI will be required to either register its Third-Party Sender customer(s) with Nacha, or provide Nacha with a statement that it has no such customers under a recently-approved Rule that becomes effective Sept. 2017.
Third parties play an important role in the ACH Network. A Third-Party Sender is a specific type of third party that performs distinct functions as an intermediary between an ODFI and Originator and acts on behalf of an Originator, or on behalf of another Third-Party Sender (in what is commonly referred to as a nested relationship). Recognizing the value that Third-Party Senders bring, balanced with the sometimes complex risks associated with their unique role, the new Rule benefits all who use the ACH Network.
Attend this webinar and you will learn the specifics of the Rule and what it means for ODFIs ─ both with and without Third-Party Sender customers ─ and the industry as a whole.
Gain Insight & Understanding:
- How to determine whether you have a Third-Party Sender customer and what tools are available to help you do so;
- What is expected of ODFIs already with respect to KYC, KYCC and ensuring that annual audits of Third-Party Senders are performed;
- Specifics of the new Rule: who is covered, initial registration, supplemental registration and enforcement;
- What information is required to register a Third-Party Sender;
- How the Rule benefits all ODFIs, and how it benefits all ACH participants by strengthening Network-level risk monitoring and management; and
- What to expect leading up to Sept. 2017
Speakers:
Cari Conahan, AAP
Senior Director & Group Manager, ACH Network Rules & Enforcement
Nacha – The Electronic Payments Association
Wendy Wishon, AAP, NCP
Senior Vice President
EPCOR
Moderator:
Jeanette Fox, AAP
Senior Director, Risk Investigations & Research
Nacha – The Electronic Payments Association
AAPs are eligible to receive 1.8 AAP Continuing Education Credits for participating in this webinar event.