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ARTICLE · 29 MARCH 2022

FinCEN Alert: Malware/Ransomware Updates & New Perimeter Device Vulnerability

Lewis Brisbois Bisgaard & Smith LLP
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FinCEN Alert: The first week of March involved a number of developments in cybersecurity due to the Russia/Ukraine conflict.

United StatesTechnology
Sean Hoar
Sean Hoar
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FinCEN Alert: The first week of March involved a number of developments in cybersecurity due to the Russia/Ukraine conflict. The Financial Crimes Enforcement Network (FinCEN) released an alert on March 7 advising all financial institutions to be vigilant against efforts to evade sanctions imposed in connection with the Russian invasion of Ukraine. It does not impose new requirements, but outlines "red flags" to remind financial institutions of their Bank Secrecy Act (BSA) reporting obligations, including those pertaining to convertible virtual currency (CVC). The primary focus of the FinCEN alert appears to be eliciting cooperation of financial institutions in identifying hidden Russian and Belarusian assets.

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