ATV letter alternatives
What if the ATV letter is not available?
If a party is uncomfortable with the ATV letter, due to sensitive information, suggest they fill it out completely then redact it so that it would be acceptable to them.
There are three known alternatives to this ATV letter, though ATV letters are most often used, so you might want to focus on understanding and removing the obstacle(s) — whatever appears to be in the way — before considering any other method. All four options, in order of preference:
- ATV Letter — using the right template, filled in and signed by the bank account owner used for the Security.
- Direct Email between the involved banker and In3’s underwriting department.
- Licensed accounting firm’s audit report of the party that will deliver the Security for the transaction. The accounting firm must be credentialed and recognized as a major firm.
- Legal attestation (preferably a licensed attorney at one of the larger firms) via their IOLTA trust account.
The RWA and ATV letters do not provide any actual guarantee of anything, nor obligate the bank to deliver the instrument — it is truly an expression of intent to do so. It also helps flush out concerns, objections, or misunderstandings and thus helps avoid wasting time. Basics like proof-of-funds from our side become available prior to contractual commitments, and there are layers of mutual KYC protections, described here.