Electronic Fund Transfer Act (EFTA): Federal law that establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions or other persons that offer these services
Regulation E: Implementing regulation for EFTA that provides a framework for establishing rights, liabilities, and responsibilities of participants in electronic fund transfer systems
Bank Secrecy Act (BSA): Requires financial institutions to assist government agencies in detecting and preventing money laundering, including reporting requirements for cash transactions
USA PATRIOT Act: Enhances BSA requirements with additional due diligence and customer identification procedures to prevent terrorism financing
UCC Article 4A: Uniform Commercial Code article governing wholesale wire transfers between financial institutions and commercial entities
Gramm-Leach-Bliley Act: Federal law requiring financial institutions to explain their information-sharing practices and protect sensitive customer data
SEC Regulations: Securities and Exchange Commission rules governing financial institutions and their operations, particularly relevant if the transfers involve securities
Federal Reserve Requirements: Standards and regulations set by the Federal Reserve for financial institutions involved in funds transfer activities
FinCEN Regulations: Financial Crimes Enforcement Network requirements for reporting and compliance to prevent financial crimes
OFAC Compliance: Office of Foreign Assets Control requirements ensuring transfers don't involve sanctioned entities or countries
State Money Transmitter Laws: State-specific regulations governing money transmission services and licensing requirements
NACHA Rules: Operating rules for the ACH Network, establishing rights and obligations of financial institutions in ACH transactions
SWIFT Guidelines: International payment messaging standards and requirements for cross-border transfers
AML Requirements: Anti-Money Laundering procedures and protocols required for financial institutions to prevent money laundering
KYC Procedures: Know Your Customer requirements for verifying the identity of clients and assessing their suitability
