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).
Requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business. A key list to be scanned...