Regulatory Alerts2010-09-01 | FinCEN Advisory – FIN-2010-A011Added
Informal Value Transfer Systems (Revised July 5, 2022 (FinCEN Advisory – FIN-2010-A011)
FinCEN reminds financial institutions to file Suspicious Activity Reports (SARs) referencing Informal Value Transfer Systems (IVTS) to assist law enforcement, citing recent evidence of IVTS use to fund attempted terrorist attacks. The advisory updates previous guidance by including specific case examples of unlicensed IVTS operations, such as those involving Abad’s Carnival French Ice Cream and Mauricio Alfanso Mazza-Alaluf, while rescinding a previously cited example due to vacated convictions. Financial institutions are instructed to check the appropriate box and note the abbreviation “IVTS” in SAR narratives when they know, suspect, or have reason to suspect IVTS involvement in illegal fund transmittals or BSA registration violations.