Todd Conklin, Counselor to the Deputy Secretary, joined a special edition of TRM Talks to announce and explain the action: "New industry-specific guidance outlines sanctions compliance best practices tailored to the unique risks posed in this dynamic space, while new data from [FinCEN] shows the increasing threat ransomware posed to the U.S financial sector, businesses, and the public during the first half of 2021."  

In the wake of last month's OFAC designation of non-compliant nested crypto exchange SUEX, the administration has taken a series of measures to coordinate across the federal government and with the private sector on the issue of ransomware. Last week, the U.S. Department of Justice announced the creation of a National Cryptocurrency Enforcement Team (NCET) comprised of prosecutors focused on combatting the use of crypto for illicit finance. This week the White House issued a fact sheet on ransomware which focused on disrupting ransomware actors and hardening cyber defenses. The fact sheet also addressed the importance of mitigating the risk of illicit activity by enforcing anti-money laundering compliance in the crypto space.  

Today's Treasury action, which includes the release of new Ransomware Trends in Bank Secrecy Act data from FinCEN, was the latest move. FinCEN’s analysis of ransomware-related SARs highlights average ransomware payment amounts, prevalent ransomware variants, and prominent ransomware money laundering typologies. 

See the analysis and access resource links here: https://www.trmlabs.com/post/watch-the-interview-treasury-comments-on-release-of-ransomware-related-data-and-guidance 

This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about