Description
The Nacha Operating Rules and Guidelines require that all participating depository financial institutions, third-party senders and third-party service providers that provide ACH services to the RDFI or ODFI, conduct an annual ACH audit by December 31 of each year (ACH Rules, Article 1).
There have been many Rules changes that affect your annual ACH Rules Compliance Audit in 2023, including the verification of registration and accuracy of info in the ACH Contact Registry PLUS the MOST recent rule amendment including Third-Party Senders (TPS); and Micro-Entries (both new in 2022!).
This session will cover “step-by-step” the audit process and requirements for each participant conducting an annual ACH audit, to help ensure their compliance with the Nacha Operating Rules.
WHY
The annual ACH Rules Compliance Audit requires a precise examination of all ACH processes that a participant is involved in, then completing the “compliance test” of those processes to ensure compliance with the Nacha Operating Rules.
There are recent Unauthorized Returns processes (with an additional ODFI monitoring requirement), PLUS a NEW TPS Registration and “Risk Assessment”! These are all part of the verification during the annual ACH Rules Compliance Audit for compliance with the Nacha Operating Rules.
This session will identify who needs to conduct an annual ACH Audit. In addition, outline the process for each participant that is required to conduct the annual Rules compliance Audit, plus offer tips and guidance for creating your own personalized ACH Audit (based on the ACH activities you utilize).
In this on-demand session, we:
- Identify the participants in the ACH network required to conduct an annual ACH Rules compliance Audit
- Define what the General Audit Requirements are (now in Article 1)
- Discuss tools available in the Nacha Operating Guidelines for guidance when conducting the annual ACH Rules Compliance Audit, including the TPS audit.
- Review the flexibility for each participant when following the Guidelines, which include the ODFI, RDFI, TPSP and TPS within the Rules Book
- Learn how to ensure Rules Compliance after determination of what ACH activities are being audited
- Uncover areas to check (audit) in addition during the ACH Audit
