On 10/15/2021, the U.S. Department of the Treasury issued a press release explaining their ongoing efforts to combat ransomware. Specifically, the Treasury announced additional steps to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors. These actions are part of the Biden Administration’s effort to counter the ransomware threat. New industry-specific guidance outlines sanctions compliance best practices tailored to the unique risks posed in this dynamic space, while new data from the Financial Crimes Enforcement Network (FinCEN) shows the increasing threat ransomware posed to the U.S financial sector, businesses, and the public during the first half of 2021.
The full Treasury release can be found at:
https://home.treasury.gov/news/press-releases/jy0410