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Business and Financial Policies and Procedures

Reporting Foreign Bank Payments

The University of Illinois System is subject to and complies with rules established by the U.S. Office of Foreign Assets Control (OFAC) to combat terrorism and other illegal activities, and to support international sanctions.

When the full amount of a remittance is paid to a financial agency located outside the territorial jurisdiction of the United States (foreign bank account), the University uses the International ACH Payment Transaction (IAT) format designated by the National Automated Clearing House Association (NACHA).

All recipients of ACH payments from the University of Illinois System must notify the system any time one or more of these payments is being remitted in full to a foreign bank account.

FedACH® International ACH Transaction (IAT) Overview
Office of Foreign Assets Control (OFAC)

Last Updated: March 1, 2012 | Approved: Senior Associate Vice President for Business and Finance | Effective: January 2012

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