The U.S. Department of Treasury’s Financial Crimes Enforcement Network released the Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime on Oct. 25, the Hunton & Williams Privacy & Information Security Law Blog reports. The advisory looks to "help financial institutions understand how to fulfill their Bank Secrecy Act obligations with regard to cyber events and cyber-enabled crime," the report states. SAR reporting will be required for financial institutions when they suspect a "cyber event" or "cyber crime" was created to impact transactions. "Implementing this new guidance will require increased collaboration between AML and cybersecurity or IT departments in large institutions, and may create challenges for smaller banks that are more likely to outsource their cybersecurity functions," it adds.
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