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Ransomware and sanctions: FinCEN's horror story (no, not that one)

Editorial Staff

Below is a notice from FinCEN, the USA's Financial Intelligence Unit. But there's a subliminal message. It's issued out of the FinCEN distribution system but it makes it very obvious that FinCEN is part of Treasury. And, as we know, you don't mess with Treasury, ergo you don't mess with FinCEN.

The actual subject is scary, too.

*Treasury Department Issues Ransomware Advisories to Increase Awareness and Thwart Attacks*
We don't need any commentary for this. It's published verbatim. Dated yesterday.

The U.S. Department of the Treasury today issued a pair of advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope. The Financial Crimes Enforcement Network (FinCEN) advisory, entitled "Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments", provides information on the role of financial intermediaries in payments, ransomware trends and typologies, and related financial red flags. It also provides information on effectively reporting and sharing information related to ransomware attacks. The Office of Foreign Assets Control (OFAC) advisory, entitled "Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments", highlights the sanctions risks associated with facilitating ransomware payments on behalf of victims targeted by malicious cyber-enabled activities.

Read the news release here [ https://home.treasury.gov/news... ].

Read the FinCEN advisory here [ https://www.fincen.gov/resourc... ].

Read the OFAC advisory here [ https://home.treasury.gov/poli... ].

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