"IMPORTANT INFORMATION CONCERNING INTERNATIONAL ACH TRANSACTIONS (IAT)"
Effective September 18, 2009, changes were made to the Automated Clearing House ("ACH") formats for International transactions pursuant to regulatory compliance guidelines established by the Office of Foreign Assets Control ("OFAC") and U.S. Department of Treasury's Financial Crimes Enforcement Network ("FinCen"). Violations of the OFAC regulations and FinCen regulations may result in both criminal and civil penalties which vary by sanction programs.
MPS Credit Union is not a Gateway Originating financial institution and therefore, does not originate International ACH Transactions ("IAT"). All outbound ACH transactions are limited to domestic transactions, and all incoming IATs are subject to the OFAC regulations.
As a result of the implementation of these regulatory requirements, if you are the recipient of an ACH transaction from outside of the United States the following delays may occur:
For additional information, contact a member service representative.
"RED FLAG COMPLIANCE"
Identity theft is a growing concern. It occurs when someone steals another individual's personal information without that person's knowledge, to commit fraud or theft. Financial institution regulatory agencies and the Federal Trade Commission (FTC) have adopted final rules and guidelines on identity theft "Red Flags" and address change discrepancies.
Compliance is mandated by November 1, 2008. MPS Credit Union has developed and implemented a written program that is designed to detect, prevent, and mitigate identity theft in connection with the opening of a member's account or any existing account. MPS Credit Union is taking extra necessary steps to ensure your safety. Stay tuned for how we are helping your safety. Stay tuned for how we are helping you recover your identity if you become a victim of identity theft.
UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT (REG GG)
In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notification is to inform you that restricted transactions are prohibited from being processed through your account or relationship with MPS Credit Union. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.