The Dark Web Criminals Both the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) have issued recent advisories concerning ransomware payments. This article provides an overview of those advisories. Both the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) have issued recent advisories concerning ransomware payments.[1] Ransomware attacks occur when a cyber actor uses malicious software (“malware”) to block access to a computer network or data, and offers to restore access in exchange for payment of ransom. Ransom is generally demanded in…
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Identifying Gaps and Risks Valuation and financial forensics professionals and their firms often provide other services. In this article, the author discusses Anti-Money Laundering (AML) actions and which industries are at risk for violating Bank Secrecy Law and AML provisions. Many kinds of businesses are at risk for money laundering and for penalties if AML programs do not meet regulatory standards. Financial institutions—banks, credit card companies, investment brokers, etc.—are under scrutiny to comply with AML requirements as are casinos and dealers in hard goods such as automobile, boat, and airplane dealers, and jewelers. Certain industries, such as insurance and real…