FINCEN’S HIGHLIGHTS RED FLAGS OF RANSOMWARE PAYMENTS
November 2nd, 2021
The United States Financial Crimes Enforcement Network (FinCEN) has highlighted “financial red flag indicators” that financial institutions should use to detect companies falling victim to ransomware, which they might use to generate suspicious activity reports (SARs). Its November 8 advisory (1) follows an increase in ransomware attacks against critical US infrastructure. FinCEN said there were 458 ransomware related transactions reported with a total value of USD590 million in the first six months of 2021 - almost all in convertible virtual currency (CVC), ...
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