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March 2013: IAT Modifications and Refinements

Effective March 15th, 2013, several IAT Modifications and Refinements will go into effect.

RETURN REASON CODE R16 - ACCOUNT FROZEN/ENTRY RETURNED PER OFAC INSTRUCTION
On March 15, 2013, the Rules modify the title of R16 and expand the use of R16 to include IAT transactions that are returned due to instructions from OFAC.

CORRECTED DATA FOR IAT ENTRIES - NOC CODE DESCRIPTIONS

  • Corrects the descriptions of the following change codes relative to IAT: C04 (Incorrect Individual Name/Receiving Company Name) and C09 (Incorrect Individual Identification Number)
  • Corrects the "Notes" section for these code descriptions to reflect the proper field lengths for these data elements, as they are used within the Corrected Data Field of an IAT entry.

Note that these changes do not impact NOC record layouts or formatting.

RETURN REASON CODE R85 - INCORRECTLY CODED OUTBOUND INTERNATIONAL PAYMENT

  • The RDFI/Gateway has identified the entry as an outbound international payment and is returning the entry because it bears an SEC Code that lacks information required by the Gateway for OFAC compliance.

NOC CHANGE CODE C14 - ACCOUNT FROZEN/ENTRY RETURNED PER OFAC INSTRUCTION

This is a request for future entries to be identified as IAT and convey information required by the Gateway for OFAC Compliance. Note that C14 NOCs must contain the value "IAT" within the first 3 positions of the Corrected Data Field of the NOC.

Click here to review the PNC General Disclosure.