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The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
March 22, 2024
Cryptocurrency hacks account for half of North Korea’s foreign income since 2017, according to a pending U.N. Security Council report.
Report: South Korean news agency Yonhap reported that the pending report on North Korea’s illicit cyber activities says:
The U.N. believes North Korea has stolen at least $3 billion since 2017.
North Korea funds 40% of its weapons of mass destruction program with stolen crypto.
The Security Council is investigating 17 crypto hacks last year worth $750 million attributed to North Korean agents.
Regulatory Gaps: Ongoing reports of North Korea’s use of cyber activities to steal crypto to fund its weapons programs continue to expose the gaps in a FinCEN proposed rule that ICBA identified in a recent letter to the agency. FinCEN is proposing to introduce recordkeeping and reporting requirements for any financial institution directly involved in crypto transactions to help the agency understand illicit crypto trends and track down bad actors.
ICBA Comments: In its comment letter, ICBA said recordkeeping and reporting requirements are not enough to adequately protect U.S. consumers and businesses and FinCEN should do more to combat crime enabled by crypto mixers such as Tornado Cash, which North Korea and other entities use to launder stolen assets.