DELUGE CLIENT LEAKS HACK SERIES

TreasuryвЂ™s Financial Crimes Enforcement Network (FinCEN), the countryвЂ™s financial intelligence unit (FIU), has issued a statement this week about several impending news reports about a breach related to its anti-money laundering (AML) filing database.

DELUGE CLIENT LEAKS HACK SERIES

The arbiter of financial crime compliance defenses in the United States has warned that a number of unnamed news agencies are on the cusp of publishing a series of stories about a leak or theft tied to the financial sectorвЂ™s most sensitive and sacrosanct filings tied to potential fraud, money laundering and other crimes.

But banks, regulators and investigators all could be harmed by such a leak.

The biggest fear for banks, and FinCEN, is that this is a large-scale hack by organized crime or a foreign nation state or terabytes of data pilfered by an insider, similar to the Panama and Paradise Papers-related data dumps.

The vague statement has become water cooler talk for the range of stakeholders in the fight against financial crime вЂ“ current and former compliance officers, regulators and investigators вЂ“ with many fearing the worst.The unauthorized disclosure of SARs is a вЂњcrime that can impact the national security of the United States, compromise law enforcement investigations, and threaten the safety and security of the institutions and individuals who file such reports,вЂќ FinCEN said in the statement.FinCEN holds millions upon millions of filings from banks tied to AML reporting rules tied to what banks consider potential indicators of illicit activity, typically more than $5,000, and direct or aggregated deposits of more than $10,000, called customer transaction reports (CTRs).

TreasuryвЂ™s Financial Crimes Enforcement Network (FinCEN), the countryвЂ™s financial intelligence unit (FIU), has issued a statement about several impending news reports about a breach related to its anti-money laundering (AML) filing database.

Deluge client leaks hack