Companies who make a Bitcoin payment in the face of a ransomware attack may run afoul of U.S. anti-money laundering laws. In particular, any company that makes such a payment risks being categorized as a “money service business” under the Bank Secrecy Act and corresponding U.S. Treasury regulations, opening them up to a whole host of compliance statutes and regulations.Read more »
Tag: bank secrecy act
Choosing the Wrong Partners in a Ransomware Attack - Making a Bad Situation Worse Posted on: March 22, 2019 In: Data Privacy & Cybersecurity
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