FinCEN Issues BSA Cyber-Event Advisory
On October 25th the Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2016-A005 regarding cyber-events and cyber-related crimes. The 9 page advisory explains Bank Secrecy Act (BSA) responsibilities related to cyber-events and cyber-related crimes including:
- Reporting cyber-enabled crime and cyber-events through Suspicious Activity Reports (SARs);
- Providing relevant and available cyber-related information (Internet Protocol (IP) addresses with timestamps, virtual-wallet information, device identifiers) in SARs;
- Collaborating between BSA/Anti-Money Laundering (AML) and in-house cyber security divisions to identify suspicious activity; and
- Sharing information, including cyber-related information, among financial institutions to protect against and report money laundering, terrorism financing, and cyber-enabled crime.
The advisory also provides examples of situations where cyber-events require SAR reporting, which you can view here.