Financial Institution
Any public or private bank, credit union, or savings and loan, subject to national and state banking laws, and capable of both accepting deposits and making loans. These institutions collect funds from the public or other institutions, and invest them in financial assets.
Related Terms
-
Money Laundering Control Act (MLCA)
The Money Laundering Control Act of 1986 is a United States Act of Congress that made money laundering a Federal crime.
-
International Bank Account Number (IBAN)
The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders in a way that would minimise the risk of propagating transcription errors.
