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.