On September 6, 2022, without notice or opportunity for public comment, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published a Rule – which took immediate effect – consolidating a seven-year patchwork of “Cyber-Related Sanctions Regulations.” The Rule did not revise any laws; it merely restated the U.S. government’s opposition to the provision of material support for malicious cyber-enabled activity originating outside the United States.
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The “September 6th Rule”: OFAC Consolidates Seven-Year Patchwork of Laws, Reissues Cyber-Related Sanctions Regulations Posted on: September 07, 2022 In: Data Privacy & Cybersecurity
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FinCEN Proposes New Regulations on Convertible Virtual Currencies and Digital Asset Transactions Posted on: April 09, 2021 In: Data Privacy & Cybersecurity
The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, has proposed a new rule to bring convertible virtual currencies (CVC) and legal tender digital asset transactions within the existing anti-money laundering and “know your customer” regulatory framework under the Bank Secrecy Act. The timing of FinCEN’s proposed rule is no accident. It comes at an explosive time for ransomware attacks and increased public awareness of and acceptance of CVCs, such as Bitcoin.
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