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The Growing Convergence of Cyber-Related Crime and Suspicious Activity Reporting

By Marjorie J. Peerce and Kevin Leitão
May 01, 2017

Cyber-related crimes increasingly are making headlines across the globe as cyber attacks and other cyber incidents grow in intensity, volume and sophistication against government, political and business targets. The motives of attackers are as varied as their methods, but there is clearly an increasing number of attacks and other illegal activity motivated by financial gain against businesses, including financial institutions. Recent regulatory developments reveal that that illegal cyber activity has become more relevant to the fight against money laundering and terrorist financing as well.

Regulators and law enforcement are taking proactive steps to further leverage anti–money-laundering monitoring and reporting tools in their battle with cyber attacks and cyber crimes. Supporting these regulatory and law enforcement initiatives will require financial institutions to increase collaboration between in-house anti–money-laundering compliance and cyber security teams. In-house legal and compliance teams need to be fully versed in the latest FinCEN and bank regulatory guidance on cyber-related crimes and have the right professionals available to assist them with these matters.

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