FinCEN Files Leaked: Big Banks Moving Dirty Money

By Jacob Wolinsky for ValueWalk
Monday, September 21, 2020

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Ilia Kolochenko, Founder & CEO of web security company ImmuniWeb, Master of Legal Studies (WASHU) & MS Criminal Justice and Cybercrime Investigation (BU), comments:

“This sensational and unprecedented leak clearly demonstrates a wide spectrum of data protection weaknesses in the governmental sector, affecting even the most developed Western countries. In light of the diversity and long timeline of the leaked documents, we may hypothesize that the documents were likely stolen by an insider, or in a silent breach of FinCEN or one of its suppliers.

From a cybersecurity standpoint, we may expect a growing lack of trust to governmental agencies, which on one side have quasi unlimited access to the most sensitive data of the largest organizations, while cannot duly safeguard this data on the other side. A transparent investigation is required to restore confidence. We might likewise foresee a further hardening of data protection laws that could dramatically exacerbate the situation if implemented too rapidly or overbroadly.

From a legal standpoint, the organizations and other entities mentioned in the research, may have a cause of action against many parties potentially accountable for negligent data protection and possible non-compliance with the enacted data protection laws, however, the chances to prevail in a court of law are fairly small. Moreover, given the extremely delicate and toxic nature of the exposed documents, they are better to discreetly settle the matter.” Read Full Article