Posts tagged Department of the Treasury.
Time 10 Minute Read

On May 16, 2022, the U.S. Department of State, U.S. Department of Treasury and the Federal Bureau of Investigation issued combined guidance (“IT Workers Advisory”) on efforts by North Korean nationals to secure freelance engagements as remote information technology (“IT”) workers by posing as non-North Korea nationals. The IT Workers Advisory provides employers with detailed information on how North Korean IT workers operate; highlights red flag indicators for companies hiring freelance developers and for freelance and payment platforms to identify these workers; and provides general mitigation measures for companies to better protect against inadvertently engaging these workers or facilitating the operations of the North Korean government (“DPRK”) in violation of U.S. sanctions.

Time 13 Minute Read

On March 9, 2022, the Biden Administration released its much-anticipated “Executive Order on Ensuring Responsible Development of Digital Assets” (“Executive Order”). The White House describes the Executive Order as the “first whole-of-government strategy” on digital assets and attempts to strike a balance between encouraging innovation and U.S. leadership in the digital asset space, while signaling an appetite to protect against a variety of stated risks through additional regulation and legislation.

Time 2 Minute Read

On November 14, 2021, the U.S. Department of the Treasury announced a bilateral cybersecurity partnership with the Israeli Ministry of Finance “to protect critical financial infrastructure and emerging technologies” and combat the use of ransomware. The initiative includes the launch of a U.S.-Israeli Task Force on Fintech Innovation and Cybersecurity (the “Task Force”), which seeks to advance the twin goals of encouraging fintech innovation while protecting against cyber threats from nation-state and criminal actors.

Time 2 Minute Read

On November 8, 2021, law enforcement agencies in both the United States and European Union announced that a series of actions, including a number of arrests, were taken against the Russia-linked ransomware group, “REvil.” The U.S. Department of Justice (the “DOJ”) unsealed documents relating to an August indictment against two individuals in Dallas for alleged involvement in REvil ransomware attacks against several U.S. businesses. The European authorities, Europol, also announced that police in Romania and South Korea had arrested five people alleged to be REvil affiliates.

Time 2 Minute Read

On May 20, 2021, the U.S. Department of the Treasury announced a proposal that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service (“IRS”). As a supplement to President Biden’s American Families Plan, which focuses on investments in American children and families, the Treasury detailed the cryptocurrency reporting requirement and other tax compliance initiatives in a new report titled The American Families Plan Tax Compliance Agenda (the “Report”).

Time 2 Minute Read

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an advisory alerting companies of potential sanctions risks related to facilitating ransomware payments.  The five-page advisory states that ransomware victims who pay ransom amounts, and third-party companies that negotiate or pay ransom on their behalf, “not only encourage future ransomware payment demands but also may risk violating OFAC regulations.”

Time 2 Minute Read

On October 25, 2016, the United States Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an advisory entitled Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime (the “Advisory”), to help financial institutions understand how to fulfill their Bank Secrecy Act obligations with regard to cyber events and cyber-enabled crime. The Advisory indicates that SAR reporting is mandatory for cyber events where the financial institution “knows, suspects or has reason to suspect a cyber-event was intended, in whole or in part, to conduct, facilitate, or affect a transaction or a series of transactions….” Implementing this new guidance will require increased collaboration between AML and cybersecurity or IT departments in large institutions, and may create challenges for smaller banks that are more likely to outsource their cybersecurity functions.

Time 4 Minute Read

On May 5, 2015, the Financial Crimes Enforcement Network of the U.S. Treasury Department (“FinCEN”), in coordination with the U.S. Attorney’s Office for the Northern District of California (“USAO”), announced a civil monetary penalty of $700,000 against Ripple Labs, Inc. (“Ripple Labs”) and its subsidiary XRP II, LLC (“XRP II”) for violations of the Bank Secrecy Act (“BSA”). This assessment represents the first BSA enforcement action against a virtual currency exchanger by FinCEN. The fine coincides with a settlement agreement between Ripple Labs, XRP II and the USAO to resolve any criminal and civil liability arising out of these activities, the terms of which include a $450,000 forfeiture and full cooperation by Ripple Labs in the ongoing investigation.

Time 2 Minute Read

As reported in Bloomberg BNA, on April 1, 2015, the White House announced that President Obama has signed a new executive order providing the Secretary of the Treasury, in consultation with the Attorney General and the Secretary of State, the ability to impose sanctions on individuals and entities that engage in certain cyber-enabled activities. The signed executive order, entitled Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities (the “Executive Order”), focuses on blocking the property or interests in property located in the United States of persons engaging in cyber-enabled activities that cause a significant threat to the national security, foreign policy, economic health or financial stability of the U.S. (collectively, the “Significant Threat”).

Time 2 Minute Read

On August 6, 2013, the Obama Administration posted links on The White House Blog to reports from the Departments of Commerce, Homeland Security and Treasury containing recommendations on incentivizing companies to align their cybersecurity practices with the Cybersecurity Framework. These reports respond to the Administration’s February 2013 executive order entitled Improving Critical Infrastructure Cybersecurity (the “Executive Order”).

Time 3 Minute Read

On November 2-3, 2011, Mexico’s Federal Institute for Access to Information and Data Protection (“IFAI”) will host the 33rd International Conference of Data Protection and Privacy Commissioners in Mexico City. Marty Abrams, President of the Centre for Information Policy Leadership at Hunton & Williams LLP, is the chairman of the Conference’s advisory panel and principal advisor to Conference organizers on program content. Hunton & Williams is a proud sponsor of the event which will feature Hunton representatives as speakers or moderators on multiple panels and plenary sessions, including the following:

Time 2 Minute Read
On November 30, the Council of the European Union agreed to allow U.S. anti-terrorism authorities access to financial data of individuals located in the EU under certain circumstances. Under the agreement, U.S. authorities will continue to have access to data collected by Society for Worldwide Interbank Financial Telecommunication ("SWIFT") after a SWIFT database located in Switzerland becomes active later this year (the data had previously been processed in a database located in the U.S.). The agreement contains restrictions on access to the data that have been negotiated ...
Time 2 Minute Read

Today, eight federal financial regulatory agencies issued a final Gramm-Leach-Bliley Act ("GLBA") model privacy notice.  The final model notice incorporates financial institutions' required disclosures pursuant to Section 503 of the GLBA.  The GLBA requires, in relevant part, that financial institutions provide consumers with information regarding their collection and sharing of nonpublic personal information.  Financial institutions that adopt the final model notice will be deemed in compliance with the GLBA notice requirements.  The final model notice is the result of the agencies' consumer research and testing.  It is touted as succinct, easy to use and consumer friendly. The final model notice will take effect 30 days after publication in the Federal Register. Publication is anticipated shortly.

Time 3 Minute Read

The federal financial services agencies are expected to shortly announce a proposed-final Gramm-Leach-Bliley Act (“GLBA”) model form privacy notice.  The model notice incorporates financial institutions' required disclosures pursuant to Section 503 of the GLBA.  Financial institutions that use the form to provide notice to consumers will be deemed in compliance with the privacy notice provisions of the GLBA.  Once adopted and published in the Federal Register, the financial services agencies' final model notice will take effect in 30 days.

The GLBA requires, in relevant part, that financial institutions provide consumers with notice of their privacy policies and practices.  The privacy notice must describe a financial institution's disclosure of nonpublic personal information to affiliated and nonaffiliated third parties.  In addition, the notice must also give consumers a reasonable opportunity to opt out of certain sharing with nonaffiliated third parties.


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