New guidance from the U.S. Treasury Department lists 10 red flags of potentially illicit activity that certain cyberextortion payments often raise and instructs firms that handle those payments to register as money services businesses. The guidance, which Treasury's Financial Crimes Enforcement Network and Office of Foreign Assets Control issued in parallel advisories Thursday, notes the increased frequency and sophistication with which cyberthieves use malware to subvert the IT systems of government agencies as well as private firms in the financial, educational and healthcare sectors. According to OFAC, the novel coronavirus pandemic has fueled a spike in these schemes by forcing...
Cryptocurrency firms have reported and hindered several schemes to launder millions of dollars in recent years but must better familiarize themselves with complex layering strategies and dozens of warning signs of illicit finance, according to the Financial Action Task Force.
An overseas cryptocurrency exchange has been ordered by the High Court in London to restrain $950,000 in bitcoins from the suspected perpetrators of a ransomware attack on a Canadian insurance firm last year, and identify the person or persons who hold them.
U.K. lenders have begun sharing information on suspicious transfers in real time and increasingly analyzing nonfinancial data to stop cybercriminals and others from laundering profits through money-mule accounts, a London-based policy center has found.