One of the most important roles financial institutions play in identifying and potentially curbing ransomware attacks is through their reporting responsibilities under the Bank Secrecy Act (BSA).
A report published Friday by the Financial Crimes Enforcement Network (FinCEN) on financial trends in BSA data between January and June 2021 analyzed all the known ransomware payment information reported by U.S. financial institutions in suspicious activity reports (SARs). The BSA requires financial institutions to file SARs to alert federal law enforcement about potential incidents of money laundering, terrorism financing, and other related crimes.
