Department of the Treasury

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.
Continue Reading U.S. Issues Guidance to Companies Warning of Cybersecurity and Sanctions Risks Posed by IT Workers Directed by North Korea

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.
Continue Reading U.S. Department of the Treasury Announces Partnership with Israel to Combat Ransomware

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.”
Continue Reading Russia-Linked REvil Hackers and Their Affiliates Hit with Arrests by the U.S. and International Allies

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.
Continue Reading U.S. Department of the Treasury Issues Advisory Warning that Ransomware Payments May Violate OFAC Sanctions

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.
Continue Reading FinCEN Issues Advisory on SAR Reporting Obligations Involving Cyber Crime

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.
Continue Reading FinCEN Announces First BSA Enforcement Action Against Virtual Currency Exchanger

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.
Continue Reading President Obama Issues Executive Order Enabling Treasury to Impose Sanctions on Cyber-Enabled Activities

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.
Continue Reading Obama Administration Releases Incentive Reports on Cybersecurity