The Threat of Ransomware for Financial Institutions: FinCEN Issues Red Flags
Cyberattacks — specifically ransomware — are the most significant threats to U.S. financial institutions. The June 2021 release of the Financial Crimes Enforcement Network (FinCEN) Priorities makes this clear in naming cybercrime as one of the eight national anti-money launderings and countering the financing of terrorism (AML/CTF) priorities. On Nov. 8, 2021, FinCEN issued a revised advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments.
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