Regulatory Alerts2021-11-08
Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
The Financial Crimes Enforcement Network (FinCEN) issued this updated advisory to alert financial institutions to evolving ransomware trends and the critical role of the financial system in facilitating ransom payments. The document details typologies such as the use of anonymity-enhanced cryptocurrencies, decentralized mixers, and ransomware-as-a-service models, while providing specific financial red flag indicators to help detect suspicious transactions. FinCEN requires financial institutions to reference this advisory in Suspicious Activity Reports and to select the Cyber Event field to aid in the detection and reporting of ransomware-related money laundering.
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