NACHA Board of Director Policy Statement - Corporate Account Takeovers (12/2010)
At the October meeting of the NACHA Board of Directors, the Board approved two policy statements: Policy Statement on the Importance of Sound Business Practices to Mitigate Corporate Account Takeover (CAT) and Policy Statement on Use of a Terminated Originator Database (TOD).
These policy statements are designed to provide a clear message for financial institutions and other ACH participants in utilizing:
1. Sound business practices to prevent and mitigate risks associated with Corporate Account Takeover within the ACH Network
2. A Terminated Originator Database as a component of due diligence and risk management process.
The Policy Statement on the Importance of Sound Business Practices to Mitigate Corporate Account Takeover is effective October 21, 2010. The
Policy Statement on Use of a Terminated Originator Database is effective March 1, 2011. Both policy statements will be included in the 2011 Rulebook. Additional information on both topics will be provided by NACHA in the coming months
NACHA Policy Statement Corporate Account Takeover 12/10
NACHA Policy Statement Terminated Originator 12/10