Ransomware is a real and growing threat to credit unions and your members. On November 8, the Financial Crimes Enforcement Network (FinCEN) updated its year-old list of red flags raised by ransomware payments. This update was part of a coordinated effort with the Department of Justice against two foreign cyberthieves and the Baltic cryptocurrency exchanges they used to launder the funds. FinCEN’s update is timely and has an impact on your credit union’s BSA/AML compliance efforts, as well as on your Office of Foreign Assets Control (OFAC) compliance.
Today’s article discusses FinCEN’s advisory and includes guidance on how to help your credit union proactively improve your security safeguards:
VP, Senior Risk Manager