On 18 October, Compliance Week reported that FinCEN published its report on financial trends in BSA data between January and June 2021, which analysed all the known ransomware payment information reported by US financial institutions in suspicious activity reports (SAR).  FinCEN found ransomware payments — most commonly paid in bitcoin — are laundered by cybercriminals in a variety of ways.  There were 635 SAR and 458 transactions related to ransomware filed with FinCEN between 1 January and 30 June, whereas in all of 2020, FinCEN received 487 SAR on transactions worth $416 million.  The median average ransomware payment for the first 6 months of 2021 was $102,273.

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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

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