Electronic Funds Transfer (EFT)
Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions. Two main EFT remittance methods are wire transfers and automated clearing house (ACH).
The Money Laundering Control Act of 1986 is a United States Act of Congress that made money laundering a Federal crime.
Politically Exposed Persons: Individuals, or their relatives, who are prominent public functionaries.