News & Analysis as of

Cyber Crimes U.S. Treasury

Davis Wright Tremaine LLP

New Administration Outlook: Trump Administration Transforms U.S. Policy on Digital Assets

The Trump Administration has embarked on a fundamental shift on how the United States approaches digital assets—in marked contrast with the Biden Administration's policies—likely changing the prospects of the crypto market in...more

Constangy, Brooks, Smith & Prophete, LLP

You’ve been hit with ransomware. Think twice before you pay.

You've been hit by a ransomware attack, and a cybercriminal group is demanding a cryptocurrency payment in exchange for your data's safe return. Should you pay? Deciding whether to pay a ransom is an internal business...more

J.S. Held

How to Defend Against Identity Theft This Tax Season

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In recent years, identity theft cases have surged, especially during tax season. According to the Internal Revenue Service (IRS), in 2022, the federal agency identified and prevented USD 5.7 billion in tax-related fraud, and...more

BakerHostetler

Weekly Blockchain Blog - September 2024 #4

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Payments Firms Launch Crypto Products, New Crypto Adoption Data Published - According to a recent press release, a well-known U.S. payments and financial technology company announced that it will allow its United States...more

Foodman CPAs & Advisors

Estafas Navideñas Impulsadas Por La Inteligencia Artificial

Foodman CPAs & Advisors on

El 22/11/23, la Oficina de Ciberseguridad y Protección de Infraestructura Crítica del Departamento del Tesoro de los EE. UU. publicó un Aviso que brinda consejos a los consumidores para evitar convertirse en víctimas de...more

Foodman CPAs & Advisors

Holiday Scams Propelled By Artificial Intelligence

Foodman CPAs & Advisors on

On 11/22/23, the U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection office released an advisory providing tips to consumers to avoid becoming the victim of cyber or online...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - December 2023

Lowenstein Sandler LLP on

TRADE TIP OF THE MONTH: New Companies Have More Time To Report Ownership- The Treasury Department’s Financial Crimes Enforcement Network issued a final rule in late November to delay the deadline for newly created...more

Eversheds Sutherland (US) LLP

US Treasury Department announces initiatives for further study of a federal insurance backstop for catastrophic cyber events

On November 17, 2023, the United States Treasury Department’s Federal Insurance Office (FIO) and the Volatility and Risk Institute at the NYU Stern School of Business jointly hosted a conference on Catastrophic Cyber Risk and...more

Dorsey & Whitney LLP

U.S. Treasury Department Takes Action Against Russian Darkmarket Entity as Latest Government Move Against Cybercrime

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On April 5, the U.S. Treasury Department's Office of Foreign Assets Control (“OFAC”) in the U.S. Department of the Treasury named Genesis Market to OFAC’s Specially Designated Nationals List (“SDN List”). Genesis Market is...more

Shipkevich PLLC

US Treasury Releases Risk Assessment Report on Decentralized Finance

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On April 6, 2023, the US Department of the Treasury released a report analyzing the risks of decentralized finance (DeFi) and potential vulnerabilities in the United States' anti-money laundering (AML) and countering the...more

K2 Integrity

The North Korean Crypto Threat

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Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

BakerHostetler

Developer Arrested Following OFAC Sanctions of the Tornado Cash Protocol

BakerHostetler on

Takeaways - ..The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued the first-ever smart contracts sanction, and its decision to sanction a nonperson may be challenged in court. ..The U.S....more

American Conference Institute (ACI)

Compliance measures to address sanctions enforcement: ‘the new FCPA’

In line with the Biden administration’s declaration last year that anticorruption is a “core United States national security interest,” sanctions evasion enforcement rapidly has become a core priority for the Department of...more

Robinson+Cole Data Privacy + Security Insider

Karakurt Extortion Group Auctions Data for Ransom

On June 2, 2022, CISA (the Cybersecurity and Infrastructure Security Agency), the FBI, the Department of the Treasury and the Financial Crimes Enforcement Network issued a joint Cybersecurity Alert warning companies of the...more

Robinson+Cole Data Privacy + Security Insider

Global Law Enforcement Win: Germany Shuts Down Hydra and U.S. Department of Treasury Follows With Sanctions

In a win for global law enforcement, Germany’s Bundeskriminalamt (BKA) announced on April 5, 2022, that it had officially taken down the infrastructure of Hydra, a Russian-based, illegal dark-web marketplace that has...more

Ballard Spahr LLP

U.S. Treasury Identifies Ongoing and Emergent Money Laundering Risks and Vulnerabilities

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On March 1, 2022, the U.S. Department of the Treasury (“Treasury”) published its National Risk Assessment for Money Laundering, Terrorist Financing, and Proliferation Financing (the “NMLRA”), identifying the national threats,...more

BakerHostetler

$3.6 Billion Reasons to Up Cryptocurrency Compliance: FBI Cracking Down on Crypto Criminals

BakerHostetler on

Key Takeaways - ..Banks and cryptocurrency exchanges need to update their BSA programs to account for the unique aspects of cryptocurrencies, detect and report related suspicious activity, and minimize the risk of...more

Farrell Fritz, P.C.

If You See Something, Say Something: FinCEN Updates Advisory on Managing Ransomware Attacks

Farrell Fritz, P.C. on

In a few short weeks, the global loss attributable to cybercrime is expected to surpass $6 trillion.* Therefore, in an effort to protect financial institutions and consumers from further loss, agencies including the United...more

Sheppard Mullin Richter & Hampton LLP

OFAC Enforcement Impacts NFTs: As Crypto Enforcement Ramps Up to Combat Ransomware, Robust Compliance is Key

The Treasury Department’s Office of Foreign Assets Control (OFAC) took action last Monday, November 8, 2021, and sanctioned a Latvia-based exchange, Chatex, its associated support network, and two ransomware operators for...more

K2 Integrity

Treasury Releases 2021 Sanctions Review

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On October 18, 2021, the U.S. Department of the Treasury released the 2021 Sanctions Review (“the Review”), which delineates Treasury’s framework for employing economic sanctions and provides key recommendations on...more

Cozen O'Connor

Republican Attorneys General Oppose Proposed IRS Reporting Rules

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A group of 20 Republican AGs, led by Georgia AG Chris Carr, Idaho AG Lawrence Wasden, and Utah AG Sean Reyes, sent a letter to President Joe Biden and Treasury Secretary Janet Yellen in opposition to the administration’s...more

Bracewell LLP

OFAC Ransomware Update

Bracewell LLP on

On Friday, OFAC published a compliance guide aimed at the virtual currency industry, which promotes sanctions compliance amid the rise of ransomware attacks. Similar to OFAC’s recent advisory, this compliance guide is yet...more

Adams & Reese

The Department of Treasury Issues Guidance Regarding Sanctions Risks Inherent to Facilitating Ransomware Payments

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On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an updated advisory outlining the risks involved with facilitating ransom payments to malicious actors conducting...more

Sheppard Mullin Richter & Hampton LLP

First OFAC Sanctions Against a Cryptocurrency Exchange: Could the Designation of SUEX Signal an Enforcement Trend to Combat...

On September 21, 2021, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions on SUEX OTC, S.R.O, a cryptocurrency exchange, for its role in laundering money to ransomware attackers. According...more

Holland & Knight LLP

FinCEN Announces National AML/CFT Policy Priorities

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The Financial Crimes Enforcement Network (FinCEN) on June 30, 2021, issued national priorities for anti-money laundering (AML) and countering the financing of terrorism (CFT) policy (the Priorities), as required by the...more

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