On 11/8/21, FinCEN released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. This release was done in connection with a set of actions announced by the Department of the Treasury which focused on disrupting criminal ransomware actors.
The FinCEN Advisory (FIN-2021-A004) updates and replaces the October 1, 2020 Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments. FinCEN issued the original advisory to alert financial institutions to predominant trends, typologies, and potential indicators of ransomware and associated money laundering activities. The updated advisory provides information on: (1) the role of financial intermediaries in the processing of ransomware payments; (2) trends and typologies of ransomware and associated payments; (3) ransomware-related financial red flag indicators; and (4) reporting and sharing information related to ransomware attacks. The amended advisory also reflects information released by FinCEN in its Financial Trend Analysis Report issued on October 15, 2021, and is part of the Department of the Treasury’s broader efforts to combat ransomware
In conjunction with the FinCEN release, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal ransomware actors and virtual currency exchanges that launder the proceeds of ransomware. Treasury’s actions today advance the Biden Administration’s counter-ransomware efforts to disrupt ransomware infrastructure and actors and address abuse of the virtual currency ecosystem to launder ransom payments.
The full FinCEN Advisory can be found here.
The Treasury release can be found here.