Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments Summary
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued updated guidance to highlight the sanctions risks associated with ransomware payments. During the COVID-19 pandemic, cyber attacks demanding ransomware payments increased significantly. OFAC issued guidance on facilitating these types of ransomware payments last year in October 2020 and has reissued this updated advisory because of the increased frequency in this type of attack. To clarify, the United States government strongly discourages private companies and citizens from paying ransom or extortion demands. It also warned that companies that facilitate these types of ransomware payments could be at risk of violating OFAC regulations.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.