ACH Operating Rule

The Board of Directors of NACHA, the electronic payments association, has amended the ACH Operating Rules to enhance security for ACH debits and to mandate minimum-security standards. The amendment includes a requirement for an annual internal or external audit of compliance for institutions that provide ACH services, including Receiving Depositary Financial Institutions and Originating Depositary Financial Institutions. The first audit was to be completed by December 1, 2000.

 

The annual audit includes a review of the security of ACH transactions, adherence to specified policies, and other requirements mandated by NACHA. The audit will ensure a high degree of compliance with the NACHA Operating Rules as well as promote the safety and reliability of the network to current and potential customers.

For more information on the ACH rules and assistance with the required annual audits contact Jim Poti at (804) 323-0022.