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FinCEN wants cyber-attack data in SARs

Joe Mont | November 4, 2016

The Financial Crimes Enforcement Network, the enforcement arm of the Treasury Department, has issued new guidance for financial institutions regarding cyber-events and cyber-enabled crime. The advisory, and an accompanying set of “frequently asked questions,” focus on the reporting of breaches and cyber-enabled crime through Suspicious Activity Reports.

The guidance is targeted to financial institutions, casinos, depository institutions, the insurance industry, money services businesses, mortgage broker, the precious metals and jewelry industry, and firms dealing in securities and futures.

The advisory does not change existing BSA requirements or other regulatory obligations for financial institutions. They should continue to follow federal and...

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