On May 16, 2022, the U.S. Department of State, U.S. Department of Treasury, and the Federal Bureau of Investigation issued combined guidance on efforts by North Korean nationals to secure freelance engagements as remote information technology workers by posing as non-North Korea nationals.
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Department of the Treasury
President Biden Issues Executive Order on Digital Assets
On March 9, 2022, the Biden Administration released its much-anticipated “Executive Order on Ensuring Responsible Development of Digital Assets”. …
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U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware
On November 14, 2021, the U.S. Department of the Treasury announced a bilateral cybersecurity partnership with the Israeli Ministry of Finance “to protect critical financial infrastructure and emerging technologies” and combat the use of ransomware. The initiative includes the launch of a U.S.-Israeli Task Force on Fintech Innovation and Cybersecurity (the “Task Force”), which seeks to advance the twin goals of encouraging fintech innovation while protecting against cyber threats from nation-state and criminal actors.
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Russia-Linked REvil Hackers and Their Affiliates Hit with Arrests by the U.S. and International Allies
On November 8, 2021, law enforcement agencies in both the United States and European Union announced that a series of actions, including a number of arrests, were taken against the Russia-linked ransomware group, “REvil.” …
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U.S. Treasury Announces Cryptocurrency Reporting Requirements
On May 20, 2021, the U.S. Department of the Treasury announced a proposal that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service.
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U.S. Department of the Treasury Issues Advisory Warning that Ransomware Payments May Violate OFAC Sanctions
On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued an advisory alerting companies of potential sanctions risks related to facilitating ransomware payments.
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FinCEN Issues Advisory on SAR Reporting Obligations Involving Cyber Crime
Recently, the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued an advisory entitled Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime, to help financial institutions understand how to fulfill their Bank Secrecy Act obligations with regard to cyber events and cyber-enabled crime.
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FinCEN Announces First BSA Enforcement Action Against Virtual Currency Exchanger
On May 5, 2015, the Financial Crimes Enforcement Network of the U.S. Treasury Department, in coordination with the U.S. Attorney’s Office for the Northern District of California, announced a civil monetary penalty of $700,000 against Ripple Labs, Inc. and its subsidiary XRP II, LLC for violations of the Bank Secrecy Act.
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President Obama Issues Executive Order Enabling Treasury to Impose Sanctions on Cyber-Enabled Activities
On April 1, 2015, the White House announced that President Obama has signed a new executive order providing the Secretary of the Treasury, in consultation with the Attorney General and the Secretary of State, the ability to impose sanctions on individuals and entities that engage in certain cyber-enabled activities.
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Obama Administration Releases Incentive Reports on Cybersecurity
On August 6, 2013, the Obama Administration posted links on The White House Blog to reports from the Departments of Commerce, Homeland Security and Treasury containing recommendations on incentivizing companies to align their cybersecurity practices with the Cybersecurity Framework.
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