On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued an Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments on the sanctions risks associated with facilitating ransomware payments. OFAC, with assistance from the FBI, also designated SUEX OTC, S.R.O., as a malicious cyber actor, the first such sanctions designation against a virtual currency exchange.
Continue Reading OFAC Designates Virtual Currency Exchange as Malicious Cyber Actor

On September 13, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions targeting three North Korean state-sponsored malicious cyber groups responsible for North Korea’s malicious cyber activity on critical infrastructure. As part of the sanctions, OFAC alleges that the entities conducted successful operations targeting more than 16 organizations across 11 countries, including the SWIFT messaging system, financial institutions and cryptocurrency exchanges.
Continue Reading OFAC Sanctions North Korean Crypto Hackers

On May 2, 2019 US Department of Treasury’s Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (the Framework), which provides a specific outline of what OFAC considers to be essential elements of an effective sanctions compliance program. Crypto businesses should consider the applicability of the Framework to their products.
Continue Reading OFAC Strongly Encourages Companies to Develop and Implement an Effective Sanctions Compliance Program