FinCEN Releases Updated Advisory on Ransomware and the Use of the Financial System

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In connection with a set of actions announced today by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network (FinCEN) has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. The updated advisory reflects information released by FinCEN in its recent Financial Trend Analysis discussing ransomware trends, and includes information on current trends and typologies of ransomware and associated payments as well as recent examples of ransomware attacks. The updated advisory also sets out financial red flag indicators of ransomware-related illicit activity to assist financial institutions in identifying and reporting suspicious transactions associated with ransomware payments, consistent with their obligations under the Bank Secrecy Act.

Review the advisory here. 

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