(a) Automated clearing house systems. The participants processing
a particular transaction through an automated clearing house system
are exempt from this regulation’s requirements for establishing written
policies and procedures reasonably designed to prevent or prohibit restricted
transactions with respect to that transaction, except for—
(1) The receiving depository financial
institution and any third-party processor receiving the transaction
on behalf of the receiver in an ACH credit transaction;
(2) The originating depository
financial institution and any third-party processor initiating the
transaction on behalf of the originator in an ACH debit transaction;
and
(3) The receiving
gateway operator and any third-party processor that receives instructions
for an ACH debit transaction directly from a foreign sender (which
could include a foreign banking office, a foreign third-party processor,
or a foreign originating gateway operator).
(b) Check collection systems. The
participants in a particular check collection through a check collection
system are exempt from this regulation’s requirements for establishing
written policies and procedures reasonably designed to prevent or
prohibit restricted transactions with respect to that check collection,
except for the depositary bank.
(c) Money transmitting businesses. The participants
in a money transmitting business are exempt from this regulation’s
requirements for establishing written policies and procedures reasonably
designed to prevent or prohibit restricted transactions, except for
the operator.
(d) Wire
transfer systems. The participants in a particular wire transfer
through a wire transfer system are exempt from this regulation’s requirements
for establishing written policies and procedures reasonably designed
to prevent or prohibit restricted transactions with respect to that
transaction, except for the beneficiary’s bank.
