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Cyber insurance can help offset the costs of responding to and recovering from cyberattacks. The growing frequency and severity of cyberattacks have led more insurance clients to opt for cyber coverage—up from 26% in 2016 to 47% in 2020.
Some criminal groups use a process called trade-based money laundering to launder their illicit money. These schemes can include things like falsely describing goods and services in trade transactions.
Banks are required to report suspicious financial transactions to the Treasury Department.
What GAO Found Mortgage servicers purchase lender-placed insurance (LPI) for mortgages whose borrower-purchased insurance coverage lapses, most often because of nonpayment by the borrower or cancellation or nonrenewal by the original insurer.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets.
International crimes, such as drugs and arms trafficking, terrorism, money laundering, and public corruption, transcend national borders and threaten global security and stability. The National Security Council (NSC) told GAO that international crime and the framework for the U.S.