For those in the cyber community, most will not have heard about OFAC, so this is an interesting read from Eversheds.

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For those in the cyber community, most will not have heard about OFAC, so this is an interesting read from Eversheds. With over 600 suspicious activity reports filed in the first half of 2021, a 30% increase on the whole of 2020 and with Ransomware payments consisting of $590million.

‘OFAC encourages all companies in the virtual currency industry, including technology companies, exchangers, administrators, miners, and wallet providers and their service providers, to develop, implement, and frequently update a tailored, risk-based sanctions compliance program. Such programs should include robust AML/CFT controls and party screening, among other things.’

Penalties for breaches in OFAC using virtual currency are the same as those for traditional payments. With the same risk of civil and criminal penalties, up to $1 million per violation and/or up to 20 years imprisonment.

Ted Dziekanowski Brian McCarthy Jason Spezzano

#ransomware‚ #fisma‚ #ofac‚ #theaugustagroup‚ #theaugustaplan‚ #cybersecurity‚ #supplychainriskmanagement‚ #cyberriskmanagement‚ #compliance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esg‚ #scrm‚ #cscrm‚ #fca‚ #cybercompliance‚ #cyberregulation‚ #cybergovernance‚ #falseclaimsact‚ #afcea‚ #afceacyber‚ #aws

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