Payroll Services – OFAC Compliance
Prairie View A&M University is obligated to comply with the requirements of the United States Department of Treasury Office of Foreign Assets Control (OFAC), which oversees payments sent outside the territorial jurisdiction of the United States. This includes automated clearing house (ACH) payments, such as direct deposit for payroll.
Effective September 18, 2009, Prairie View A&M University is obligated to identify as an “International ACH Transaction” (IAT) any direct deposit of any payroll payments that are made by the University to a domestic financial institution if that financial institution immediately transfers the full deposit amount to a financial institution outside the U.S. in a “back-to-back” transaction.
If you receive your payroll via direct deposit, we need your assistance in identifying all such transactions to comply with the OFAC.
If you do have instructions with your U.S. bank to immediately wire the full amount of the direct deposit to a foreign bank, please complete the PVAMU OFAC Compliance Form and submit the completed form to Payroll Services.
If you affirm you have an IAT, you will receive a paper check in the future.
Any instruction changes to your bank after the initial affirmation must be coordinated with Payroll Services.
If you have any questions related to this matter, please contact Payroll Services at email@example.com or 936-261-1904.
NOTE: If you do not have an order with your bank to transfer the full amount of your direct deposit to a foreign bank, there is no action required on your part.