Washington, D.C. — Today, the Department of the Treasury’s Office of Foreign Assets Control published an updated advisory addressing ransomware payments and steps to mitigate sanctions risks. In response, Angelena Bradfield, BPI senior vice president, AML/BSA, sanctions and privacy, issued the following statement:
Today’s announcement wisely manages the fine line between discouraging ransomware payments and penalizing the victims, such as America’s schools, hospitals and critical infrastructure. To avoid penalties, firms will need to establish good practices and also work promptly and effectively with law enforcement. We commend these efforts to encourage strong cybersecurity practices, and as the Administration moves forward with additional policy solutions to deter ransomware actors, BPI members remain committed partners and have proposed recommendations to assist efforts to mitigate this nefarious activity.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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