- BSA (Bank Secrecy Act) : requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international, to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity. Includes rules for record retention on funds transfers, the ‘travel-rule’ for originator and beneficiary information, AML (Anti-Money Laundering) programs, and SAR’s (Suspicious Activity Reports).
- Electronic Fund Transfer Act: the law passed by the US Congress in 1978 which set out the rights and obligations of consumers and their financial institutions regarding the use of electronic systems to transfer funds. This act is implemented in the Federal Reserve Bank's Regulation E. Covers ACH credits and debits and transfers initiated by the consumer through computer or telephone banking services, and pre-authorized transfers to or from a consumer’s account.
- FRB Regulation J: Part 210, Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire (12 CFR 210). Subpart B of this regulation provides guidelines for funds transfers through the Fedwire system.
- OFAC (Office of Foreign Assets Control): an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign states, organizations, and individuals. All U.S. persons (including U.S. companies) are subject to OFAC. PayOps will integrate the best-of-breed OFAC filtering software to help client banks comply.
- UCC4A (Uniform Commercial Code): Article 4A, Funds Transfers; defines bank and customer responsibilities and liabilities relative to funds transfers.
- UCP (Uniform Customs and Practice for Documentary Credits): a set of rules on the issuance and use of letters of credit. The UCP is utilised by bankers and commercial parties in more than 175 countries in trade finance. The current version is the UCP600.
- U.S. Patriot Act: requires financial institutions to establish appropriate, specific and where necessary, enhanced due diligence policies, procedures and controls that are reasonably designed to enable the financial institution to detect and report instances of money laundering.