The Treasury Department’s Office of Foreign Assets Control sanctioned three individuals for supporting North Korea via illicit financing and malicious cyber activity.
OFAC sanctions individuals for cyber efforts supporting North Korea
April 25, 2023 / By ICBA
The Treasury Department’s Office of Foreign Assets Control sanctioned three individuals for supporting North Korea via illicit financing and malicious cyber activity.
The Treasury Department’s Office of Foreign Assets Control sanctioned three individuals for supporting North Korea via illicit financing and malicious cyber activity.
Details: Treasury said the individuals affiliated with:
The Lazarus Group, which targets institutions using tactics such as cyber espionage and uses a network of over-the-counter virtual currency traders to convert cryptocurrency into fiat currency.
Korea Kwangson Banking Corp, which provides financial support to North Korea’s weapons programs.
ICBA View: ICBA has repeatedly called on policymakers to ensure new policies directed at the crypto sector fully reflect its risks and to prioritize research on the specific effects of digital assets on community banks and their customers.
Resources: Community bank security resources are available on ICBA's Cyber and Data Security resource center.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
