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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Department of the Treasury
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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Mexico Hosts 33rd International Conference of Data Protection and Privacy Commissioners
On November 2-3, 2011, Mexico’s Federal Institute for Access to Information and Data Protection will host the 33rd International Conference of Data Protection and Privacy Commissioners in Mexico City.
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European Union Agrees to Access by U.S. Anti-Terrorism Authorities to Personal Data in Europe
On November 30, the Council of the European Union agreed to allow U.S. anti-terrorism authorities access to financial data of individuals located in the EU under certain circumstances. Under the agreement, U.S. authorities will continue to have access to data collected by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) after a SWIFT database located in…
Agencies Issue Final Gramm-Leach-Bliley Act Model Privacy Notice
Today, eight federal financial regulatory agencies issued a final Gramm-Leach-Bliley Act (“GLBA”) model privacy notice. The final model notice incorporates financial institutions’ required disclosures pursuant to Section 503 of the GLBA. The GLBA requires, in relevant part, that financial institutions provide consumers with information regarding their collection and sharing of nonpublic personal information. Financial institutions that adopt the final model notice will be deemed in compliance with the GLBA notice requirements. The final model notice is the result of the agencies’ consumer research and testing. It is touted as succinct, easy to use and consumer friendly. The final model notice will take effect 30 days after publication in the Federal Register. Publication is anticipated shortly.
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