News & Analysis as of September 20, 2024

FinCEN › Hackers

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Investment Advisers and Generative AI

Guidepost Solutions LLC on 3/26/2024

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more

Don’t Get Caught Up in the Mix: OFAC Sanctions Another Crypto Mixer for Potential Violations of Sanctions Regulations and FinCEN...

Proskauer - Blockchain and the Law on 12/22/2023

U.S. government agencies continue to take action against cryptocurrency mixing services that enable cybercriminals to obfuscate the trail of stolen proceeds on public blockchains stemming from illicit cyber activity. On...more

FinCEN Issues Alert of Scam E-Mail to Fraudulently Solicit BOI Reporting

Adams and Reese LLP on 11/2/2023

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has posted an alert stating it has been notified of recent fraudulent attempts by hackers to solicit information from individuals and...more

Stablecoin Pilot Announced; Crypto Market Data Published; FinCEN Proposal to Combat Crypto Mixing; EU Bank Addresses DAOs; Hacking...

BakerHostetler on 10/30/2023

Banks Complete Stablecoin Pilot, Crypto Indices and Web3 Solutions Launch - According to recent reports, a major German bank and an affiliate of a major British bank have completed a pilot in which stablecoin swaps were...more

DSIR Deeper Dive: 2023 Crypto Threat Landscape

BakerHostetler on 10/6/2023

Following one of the most turbulent years in crypto history, 2023, in contrast, unfolded as a year of reprieve, including from crypto threats. According to a July 12, 2023, report from blockchain analytics firm Chainalysis,...more

Crypto Products Launch; FSB, OECD Address Crypto Regulation and Tax; US Exchange Fined $24M; DOJ and SEC Actions Continue; Major...

BakerHostetler on 10/17/2022

New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins - This week, a major U.S. financial institution announced that its Digital Asset Custody platform is now live in the United States. According to...more

You’ve Been Hit by Ransomware: What Should You Do?

Kohrman Jackson & Krantz LLP on 8/19/2022

Despite your best efforts, you have been hit by ransomware. You are locked out of your system, and you can provide no services to your customers, clients or patients. From a business perspective, you need to get your system...more

Karakurt Extortion Group Auctions Data for Ransom

Robinson+Cole Data Privacy + Security Insider on 6/16/2022

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

Banks and Retailers Embrace Crypto, Bitcoin Environmental Costs Debated, New NFT Initiatives Launch, Various Agencies Address...

BakerHostetler on 5/9/2022

According to reports, a major U.S.-based global investment bank has allowed a borrower to use bitcoin as collateral for a cash loan, for the first time in the bank’s history. In other financial news, according to reports, the...more

To Pay or Not to Pay: Five Critical Approaches to Beating a Ransomware Threat

Fenwick & West LLP on 4/1/2022

It’s the call you hope you never get. Your company has been hit with a ransomware attack. Your systems are offline. Your customer data was stolen by an unknown threat actor who is threatening to leak it. You have lots of...more

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on 1/26/2022

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

FinCEN to host second ‘exchange’ on preventing ransomware

Foodman CPAs & Advisors on 7/26/2021

The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will hold a second FinCEN Exchange in August to discuss ways to combat increasingly sophisticated cyber and ransomware attacks. The FinCEN...more

Ransomware – A Pandemic In The Dark Web Signals A Need To Vaccinate Your Compliance Program

Vinson & Elkins LLP on 2/12/2021

Two weeks ago, the Department of Justice (“DOJ”) announced two significant enforcement actions and shut down NetWalker and Emotet, powerful tools that had been used by alleged criminal networks engaging in widespread...more

DOJ Accelerates Enforcement Efforts Against Cybercriminals Who Engage in Ransomware Attacks

McGuireWoods LLP on 2/8/2021

On successive days last week, the Department of Justice (DOJ) unveiled enforcement actions against international cybercriminal organizations that utilized ransomware to infect computer systems and then extort payment, often...more

Update: Ransomware: To Pay or Not to Pay

Robinson+Cole Data Privacy + Security Insider on 12/3/2020

Three recent events are prompting me to update our previous blog post on the difficult decision of whether to pay or not to pay ransomware following an attack....more

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – November 2020

Alston & Bird on 11/20/2020

Selected Developments in U.S. Law - Alston & Bird Analyzes New California Privacy Rights Act - California voters approved a ballot initiative containing the California Privacy Rights Act of 2020. ...more

Financial Institutions to Remain Vigilant of Ransomware Attacks as they are Facilitators of Ransomware Payments

Foodman CPAs & Advisors on 11/3/2020

On October 1, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert Financial Institutions (FI) relating to “predominant trends, typologies, and potential indicators of ransomware and associated...more

OFAC & FinCEN Advisories Highlight Potential Sanctions Risks To Ransomware Payments

Vinson & Elkins LLP on 10/9/2020

On October 1, 2020, the Office of Foreign Assets Control (“OFAC”) issued guidance warning of potential sanctions risks for making ransomware payments related to malicious cybersecurity incidents. The same day, the Financial...more

Ransomware Payments May Violate Sanctions Laws, U.S. Treasury Department Warns

Faegre Drinker Biddle & Reath LLP on 10/7/2020

On October 1, 2020, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory to companies that pay a ransom in the wake of a cyberattack. Specifically, the advisory warned that...more

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on 9/24/2020

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

To Pay or Not to Pay? Evolving Legal Considerations With Ransomware

Ballard Spahr LLP on 9/24/2020

1. Overview of the regulatory issues facing companies—and cyber insurers—that may need to respond to ransomware emanating from a threat actor or group with potential ties to entities on federal lists.- The U.S. Treasury...more

Bitcoin, the IRS, and the Love that was Lost

Rosenberg Martin Greenberg LLP on 3/12/2020

We have all heard the stories. Romeo and Juliet, Cleopatra and Mark Antony, and my personal favorite, Illsa Lund and Rick Blaine. Everyone loves a great love story. A developing romance leading to an emotionally pleasing and...more

Treasury Announces Sanctions Against Cybercriminal Group Behind ‘Dridex’ Malware, Offering Mitigation Strategies for Businesses

Alston & Bird on 12/12/2019

On December 5, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued sanctions against Evil Corp, a Russian cybercriminal organization that is known for distributing the Dridex malware. ...more

FinCEN Director Blanco Addresses “Cyber Hygiene”

Ballard Spahr LLP on 9/27/2019

FinCEN Director Kenneth A. Blanco delivered prepared remarks on September 24 at the 2019 Federal Identity (FedID) Forum and Exposition in Tampa, Florida. Director Blanco summarized the topics of his remarks by stating the...more

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FinCEN › Hackers

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