OFAC (Office of Foreign Asset Control)

The part of the US Treasury Department responsible for enforcing United States economic and trade sanctions.

Related Terms

  • Demand Deposit Account

    Traditional savings and checking accounts are generally demand deposit accounts.

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  • EFTA (Electronic Fund Transfer Act)

    The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.

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