ABSTRACT

Financial Crimes Enforcement Network Advisory: Informal Value Transfer Systems, September 1, 2010   [open pdf - 70KB]

"The Financial Crimes Enforcement Network (FinCEN) is issuing this Advisory to remind financial institutions of previously published information concerning Informal Value Transfer Systems (IVTS), 1 so that Suspicious Activity Reports (SARs) referencing IVTS can be more helpful to law enforcement. Recent information continues to indicate possible use of IVTS to fund attempted terrorist attacks, including against the United States. Vigilance by financial institutions, in combination with law enforcement efforts, against illicit IVTS activities will continue to contribute to U.S. national security and help to protect the financial system from abuse. As a type of Money Services Business (MSB) and specifically, as a type of money transmitter, IVTS may legally operate in the United States, so long as they abide by applicable state and federal laws. This includes registering with FinCEN and complying with anti-money laundering and counter-terrorist financing provisions of the Bank Secrecy Act (BSA) applicable to all money transmitters and to certain other MSBs. A more sophisticated form of IVTS operating in the United States often interacts with other financial institutions in storing currency, clearing checks, remitting and receiving funds, and obtaining other routine financial services, rather than acting independently of the formal financial system."

Report Number:
FinCEN Advisory FIN-2010-A011
Publisher:
Date:
2010-09-01
Copyright:
Public Domain
Retrieved From:
Financial Crimes Enforcement Network: http://www.fincen.gov
Format:
pdf
Media Type:
application/pdf
URL:
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