The Bangladesh Bank Hack and Compliance Programmes

Unknown hackers robbed more than $100 million from Bangladesh’s central bank in February 2016, and the losses would have been even worse if other banks hadn't blocked 31 of the attempted wire transfers because they suspected money laundering. In this article, former SRZ attorney Michael L. Yaeger and associate Melissa G.R. Goldstein and former SRZ attorney Kimberly G. Monty detail how this the attack took place and discuss the cybersecurity lessons to be learned, which include the ways that an AML compliance program might be used to support cybersecurity.