The globalization of financial-services companies has been a boon to

Solution 1

Any time an underlined portion begins with a preposition - especially if some answer choices contain a preposition and some do not - it's likely that the GMAT is testing IDIOMS.

In option B, ‘because of allowing the transfer’ is unidiomatic.
‘because of’ must be followed by a noun.
The command subjunctive applies only when there is some ‘bossiness’ involved. ‘allow’ is clearly not bossy and we don’t need a bossy word here. Therefore, ‘allows that’ doesn’t make sense.

BECAUSE + OF must be followed by a noun only:
Because of you, I never strayed too far from the sidewalks... (remember that song?)

BECAUSE + [no preposition] will be followed by an action - a clause. Compare these two:
I couldn't play kickball because of my sprained ankle.
I couldn't play kickball because I sprained my ankle.
Since we're discussing the action of allowing the transfer of money, we shouldn't use OF. Eliminate A and B.
D contains a violation of subject-verb agreement: "the transfer of money have been placed..."
Between C and E, we have two different idiomatic structures: ALLOW THAT and ALLOW TO. Both of these could be correct, but in different contexts. Option C is unidiomatic.
Correct structure is –
allow X to do Y – infinitive
Structure of option D is incorrect
It allows X have been … Two verbs with no connector
it allows the transfer of money have been placed in a bank

ALLOW THAT is not very common in modern English, though it may still be considered correct by some grammarians. It is used primarily in the context of acknowledgment / belief: "I allow that she is very accomplished" = I admit or acknowledge.
If it's used in the context of permission, it must be used in the command subjunctive:
"... it allows that money... BE transferred..." rather than "is transferred." C is therefore incorrect.

ALLOW ___ TO BE ____ is the much more common version of the idiom. (More common versions of idioms are almost always found in correct answers). The correct answer is E.