Regulatory Alerts2003-03-01 | FinCEN Advisory - Issue 33Added
FinCEN Advisory - Issue 33: Informal Value Transfer Systems
The USA PATRIOT Act expanded the definition of financial institution to include operators of informal value transfer systems (IVTS), requiring them to comply with all Bank Secrecy Act obligations such as anti-money laundering programs, FinCEN registration, and suspicious activity reporting. Financial institutions are instructed to file Suspicious Activity Reports when they know or suspect a customer is operating as an illegal money transmitter, specifically noting the abbreviation IVTS in the relevant form sections. The advisory details operational characteristics and transaction patterns indicative of IVTS to assist institutions in identifying these activities.
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