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Two weeks ago, the Department of Justice (“DOJ”) announced two significant enforcement actions and shut down NetWalker and Emotet, powerful tools that had been used by alleged criminal networks engaging in widespread ransomware extortion schemes. These efforts highlight law enforcement’s focus on ransomware attacks and the growing cybersecurity risks faced by companies of all sizes, and they also demonstrate the increasing need for companies to design and implement effective incident response plans and cybersecurity programs before a problem surfaces. In addition, law enforcement and regulators are now pressuring financial institutions, cyber insurance companies, digital forensic agencies, and other entities involved in ransomware responses to report ransomware payments when they are found, and companies now face higher premiums and shoulder more risk as ransomware attacks escalate.
By Aaron Nicodemus2021-01-26T21:26:00+00:00
Five out of five
Janet Yellen, former chair of the Federal Reserve, takes over as leader of a Treasury Department with a lot on its plate.
She’ll be expected to implement policies that help shore up a battered economy, sell President Joe Biden’s $1.9 trillion COVID-19 stimulus package to Congress, refocus on the effects of climate change on the economy, unwind contradictory and overlapping sanctions imposed by the Trump administration, and revamp the Bank Secrecy Act’s (BSA) anti-money laundering (AML) program. Yellen’s Treasury Department faces increasingly complex questions on how to regulate cryptocurrency, as well as other digital banking innovations pushed by a robust financial technology (FinTech) sector.
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ThyBlackMan.com) Few Americans fully realize the broad reach the Department of the Treasury uses to monitor international banking transactions. What’s even more opaque is how federal authorities also capture private information that is often disclosed to foreign governments, ones that do not have the same respect for privacy rights as we do in the U.S.
Imagine the temptation for those strongarm leaders who are given the data. They can use that information to execute domestic goals that have zero to do with stopping illegal financial transactions but instead intimidate, even bankrupt businesses and advocacy groups that differ with that government’s agenda.
Few Americans fully realize the broad reach the Department of the Treasury uses to monitor international banking transactions. What’s even more opaque is how federal authorities also capture private information that is often disclosed to foreign governments, ones that do not have the same respect for privacy rights as we do in the U.S.
Imagine the temptation for those strongarm leaders who are given the data. They can use that information to execute domestic goals that have zero to do with stopping illegal financial transactions but instead intimidate, even bankrupt businesses and advocacy groups that differ with that government’s agenda.
We talk to the experts after US Treasury s OCC blesses blockchains, digi-bucks Share
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Feature The US Treasury Department s Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying how federally chartered banking groups can use cryptocurrency and associated technology to manage financial transactions.
The letter endorses the use of independent node verification networks (INVN), such as blockchain distributed ledgers, and stablecoins – cryptocurrencies tied to fiat currencies, like Ethereum-based USD Coin (USDC) – as a means to settle customer transactions. Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products, said Acting Comptroller of the Currency Brian Brooks in a statement.