Cyber-enabled money laundering is a fairly simple concept. Hackers use a bank’s computer system to execute a prohibited financial transaction by altering critical information or disabling anti-money laundering controls. It’s effective because it’s subtle: One need only disguise the illicit purpose or sanctioned participant of an otherwise allowable transaction.
Iran certainly has the motive for such attacks. Faced with a weakening currency and a looming recession, it is increasingly desperate to sell oil and obtain dollars to support its currency, finance trade, and fund terrorist groups and proxy wars overseas. Adding to the pressure, recent efforts by the U.S. and the United Arab Emirates have made it harder for Iran to conduct illicit activity through Dubai, its traditional backdoor to the financial system.
Iran has also demonstrated the needed capabilities. Starting in 2011, it directed cyberattacks against dozens of U.S. banks, causing millions of dollars in lost business. More recently, its hackers stole at least 31 terabytesof documents and data from U.S. academic institutions, businesses, and government agencies, a theft valued at some $3.4 billion. Given the scale of its hard currency needs, Iran might seek help from other capable countries or criminal groups in conducting new attacks to evade sanctions.
The finance industry is largely unprepared for this kind of threat. In recent years, it has focused on preventing large-scale hacks like the one that diverted $81 million from Bangladesh Bank in 2016. Due to its boldness and scale, this attack has been the subject of dramatic press coverage and innumerable cybersecurity sessions at financial conferences. But the window for this type of hack is closing as banks and regulators invest in better technology, monitoring and training to prevent unauthorized transfers of funds.
Read More: Bloomberg
Iran Briefing | News Press Focus on Human Rights Violation by IRGC, Iran Human Rights
Jan 16, 2019 Comments Off on Germany arrests linguist, accuses him of passing military secrets to Iran
Jan 16, 2019 Comments Off on ISRAEL SAYS IT CAN FIGHT MORE THAN ONE WAR AT A TIME, TELLS IRAN TO ‘GET OUT’ OF SYRIA
Jan 15, 2019 Comments Off on Iran is at it again: Another American has been taken by the regime
Jan 14, 2019 Comments Off on National Security Council asked for military options to strike Iran, report says
Jan 15, 2019 Comments Off on Trump Asked Mattis for Plan to Blow Up Iranian ‘Fast Boats,’ Report Says
Jan 15, 2019 Comments Off on Cutting The Head Off The Quds Force Snake: A Warning To Iran’s Terror Master
Jan 15, 2019 Comments Off on Senior US official vows to counter Iran on Lebanon visit
Jan 14, 2019 Comments Off on Netanyahu: Israel struck Iranian weapons depot at Damascus airport
Jan 16, 2019 Comments Off on Germany arrests linguist, accuses him of passing military secrets to IranGermany arrests linguist, accuses him of passing military secrets to Iran Germany arrests linguist, accuses him of passing military secrets to Iran German police have arrested a 50-year-old Afghan-German man suspected...
Jan 16, 2019 Comments Off on ISRAEL SAYS IT CAN FIGHT MORE THAN ONE WAR AT A TIME, TELLS IRAN TO ‘GET OUT’ OF SYRIAISRAEL SAYS IT CAN FIGHT MORE THAN ONE WAR AT A TIME, TELLS IRAN TO ‘GET OUT’ OF SYRIA ISRAEL SAYS IT CAN FIGHT MORE THAN ONE WAR AT A TIME, TELLS IRAN TO ‘GET OUT’ OF SYRIA Israeli Prime Minister Benjamin...
Jul 14, 2016 Comments Off on Corps’ one hundred thousand of triggered missiles in Lebanon:An official Israel-threatening by CorpsIran Briefing: Since August 7, 1979, when Ayatollah Khomeini declared the last Friday of Ramadhan as “Quds Day”, the Islamic Republic has always tried to hold an imposing ceremony by using state resources as well as requiring people’s involvement. This year’s Quds march had fundamental...