Electronic Fund Transfer Act (EFTA): Federal law that provides a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund transfer systems
UCC Article 4A: Uniform Commercial Code article specifically governing wholesale wire transfers between commercial entities and financial institutions
Bank Secrecy Act (BSA): Requires financial institutions to assist government agencies in detecting and preventing money laundering through wire transfers
USA PATRIOT Act: Enhances BSA requirements and includes provisions for identity verification and anti-terrorism measures in financial transactions
Federal Reserve Regulation J: Governs funds transfers through Fedwire and provides rules for collection of checks and other items by Federal Reserve Banks
OFAC Regulations: Controls transactions and transfers with specific countries, individuals, and entities subject to economic sanctions
FinCEN Requirements: Establishes reporting and record-keeping requirements for financial institutions regarding suspicious activities and large transfers
CFPB Regulations: Provides consumer protection requirements for wire transfers, including disclosure and error resolution procedures
State Banking Regulations: State-specific rules governing banking operations and wire transfers within individual states
State Consumer Protection Laws: Additional state-level protections for consumers engaging in wire transfers and financial transactions
SWIFT Regulations: International standards and protocols for secure financial messaging and cross-border wire transfers
Anti-Money Laundering Compliance: Requirements for customer due diligence, transaction monitoring, and reporting of suspicious activities
