OFAC official urges company transparency on ransomware events
By 
Adrianne Appel2024-01-19T21:59:00
Despite its reputation as a fierce enforcer of sanctions, the Treasury Department’s Office of Foreign Assets Control (OFAC) has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
“We’re here to help you comply with the regulations we’re enforcing,” said Kristen Berg during a session Thursday at the Securities Docket’s Incident Response Forum Ransomware event. “We’re not looking to play ‘gotcha.’ We’re looking to provide guidance and help.”
In September 2021, OFAC released a ransomware advisory to highlight the sanctions risks associated with ransom payments. The Treasury prohibits U.S. individuals and companies from engaging in transactions with sanctioned persons, businesses, or entities, including ransom payments.
Related articles
-
News BriefFlex says no action by OFAC into possible sanctions violations
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
-
News BriefTreasury touts AI-enabled fraud recoveries totaling $375M
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
-
News BriefFINRA report: Exam trends on off-channel comms, crypto, cybersecurity
A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
More from Sanctions
-
News BriefInteractive Brokers to pay $11.8M to settle thousands of U.S. sanction violations
A brokerage and investment firm will pay $11.8 million for providing services to individuals under U.S. sanctions, as well as people located in countries sanctioned by the U.S.
-
News BriefOFAC fines Harman Industries $1.4M for violating U.S. sanctions on Iran
A Connecticut-based audio electronics company will pay a $1.4 million fine for violating U.S. sanctions, after middle managers at a foreign distributor knowingly diverted the company’s products to Iran.
-
News BriefOFAC fines logistics company Key Holding $609k for violating U.S. sanctions on Cuba
A Delaware logistics company paid a $608,825 fine for violating U.S. sanctions on Cuba, a breach that the company self-disclosed to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).