Important Information for Commercial Banking Clients

Unlawful Internet Gambling Act

JPMorgan Chase Bank, N.A. strictly prohibits the use of any account to conduct transactions (including, without limitation, the acceptance or receipt of credit or other receipt of funds through an electronic funds transfer, or by check, draft or similar instrument, or the proceeds of any of the foregoing) that are related, directly or indirectly, to unlawful Internet gambling. The term "unlawful Internet gambling," as used in this notice, shall have its meaning set forth in 12 C.F.R. Section Part 233, Section 132.2(bb). The customer agrees not to conduct any transactions through the account that directly or indirectly involve or are related to unlawful Internet gambling, including, without limitation, the acceptance or receipt of any funds or deposits in connection therewith.

 

International ACH Transactions (IATs)

Automated Clearing House (ACH) transactions that are part of a payment chain that begins or ends in another country outside of the U.S. must be formatted as international ACH transactions, or IATs. Transactions that begin as ACH payments destined for other countries will also be classified as IATs. Please note that this does not affect international wire transfers.

The IAT format is designed to help law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by creating and preserving an information trail of entities sending and receiving funds through U.S. financial institutions' monetary systems.Footnote  (Opens Overlay)

If your company initiates ACH transactions that should be classified as IATs, please keep a few things in mind:

  • IAT transactions are prohibited on Chase Commercial OnlineSM, PayStream, JPMorgan Insight and JPMorgan Treasury Workstation.
  • If your company uses one of these platforms and needs to make an international payment, please use International Wire Transfers or contact your Chase Commercial Banker to discuss other options for transmitting these transactions.

See the Federal Reserve ACH IAT Resource Center for more information about IAT requirements.