Back to Top
Business and Financial Policies and Procedures

Reporting Foreign Bank Payments

The University 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 must notify the University any time one or more of these payments is being remitted in full to a foreign bank account.

FedACH® International ACH Transaction (IAT) OverviewLink opens new window
Office of Foreign Assets Control (OFAC)Opens new window

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

Give us feedback about this page Submit Feedback