London, 26 Oct - On November 5th U.S. sanctions are set to be re-imposed on Iran. These sanctions will exert more pressure on an already struggling economy. It is likely that Iran will attempt to circumvent these sanctions through cyber-enabled money laundering — and banks will be a prime target.
To cyber-enable money laundering, hackers alter critical information or disable anti-money laundering controls using a bank’s own computer system, thereby allowing them to execute a prohibited financial transaction. The illicit purpose or sanctioned participant is disguised, so the transaction is allowed.