In the wake of increased ransomware attacks over the course of the last several months, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has updated a guidance it released last year on potential sanction risks if facilitating ransomware payments. As indicated in the original guidance, OFAC has designated several threat actors as “malicious cyber attackers,” including the developers of Cryptolocker, SamSam, WannaCry, and Dridex. OFAC has indicated that it will impose sanctions on those who financially (or otherwise support) these actors, including by making ransomware payments to them. Sanctions can range from non-public (for example No Action Letters or Cautionary Letters) to public actions (including for example payment of civil monetary penalties).

Continue Reading Do You Have a Risk-Based Sanctions Compliance Program?: In the Event of a Ransomware Attack, OFAC Wants to Know