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.
Know Your Business is the due diligence review of your business and industry which when reviewed against Money Laundering techniques allows you to develop policies and assess suspicious activities or transactions.
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...