FinCEN: ANALYSIS OF RANSOMWARE TRENDS IN BANK SECRECY ACT REPORTS

On 15 October, FinCEN published a financial trend analysis on ransomware trends in Bank Secrecy Act reporting filed between January 2021 and June 2021. The report, issued pursuant to the Anti-Money Laundering Act 2020, focuses on pattern and trend information pertaining to ransomware, in line with FinCEN’s issuance of government-wide priorities for AML/CFT policy.  It further establishes that ransomware is a significant threat to the US financial sector, businesses, and the public. FinCEN’s analysis of ransomware-related SAR highlights average ransomware payment amounts, prevalent ransomware variants, and prominent ransomware money laundering typologies:  FinCEN identified 68 different ransomware variants.  FinCEN also identified several typologies common among ransomware variants in 2021, including threat actors increasingly requesting payments in Anonymity-Enhanced Cryptocurrencies such as Monero, and avoiding reusing wallet addresses, “chain hopping” and cashing out at centralised exchanges, and using mixing services and decentralised exchanges to convert proceeds.

https://www.fincen.gov/sites/default/files/2021-10/Financial%20Trend%20Analysis_Ransomware%20508%20FINAL.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s