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).
Office of Foreign Assets Control. A US regulatory Agency that is responsible for monitoring funds held or transferred to illegal entities. The OFAC list is a list of companies/individuals that should be prevented from sending/receiving...
The Bureau of Industry and Security (BIS) of the U.S. Department of Commerce is responsible for the regulation of exports for national security, foreign policy, and nonproliferation reasons, as well as the enforcement of those...