Mandatory change for FedGlobal® ACH Payments to Canada
As a FedACH® Services customer using FedGlobal ACH Payments to originate payments to Canada, you should be aware that, effective June 1, 2021, all International ACH Transaction (IAT) transfers destined for Canada must include full address details for the beneficiary. This requirement is contained within Canada’s regulatory amendment to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2019:SOR/219-240. According
to the amendment, these details are defined to include the full address information, including Postal Codes and/or Zip Codes, as applicable.
Please note existing Nacha guidelines permit partial completion of address fields. However, all address field elements will need to be present in FedGlobal Canada Service payments
to meet the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC’s) new requirement. The table below outlines the changes to the requirement: