Regulatory Alerts2020-10-01
Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
The Financial Crimes Enforcement Network issued this advisory to alert financial institutions to ransomware trends, typologies, and money laundering indicators associated with ransom payments. It details the role of financial intermediaries, including money services businesses and cyber insurance companies, in facilitating payments via convertible virtual currencies and outlines specific red flags for detection. The document mandates that institutions file Suspicious Activity Reports for ransomware-related transactions and utilize specific coding to enhance information sharing and law enforcement cooperation.
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