On February 13, FinCEN unveiled a dedicated webpage for whistleblowers to submit confidential tips on fraud, money laundering, and sanctions violations. FinCEN stated that the Office of the Whistleblower is seeking detailed evidence of misconduct tied to the BSA/AML, U.S. sanctions programs, and other statutes protecting the financial system. The agency noted that tips leading to enforcement actions may qualify informants for monetary awards, with the agency urging quick submissions to help safeguard national security and prevent illicit financial activity. According to FinCEN’s bulletin, the program focuses on, among other things, violations that undermine banking compliance, such as failing to perform customer due diligence, lacking controls to detect structuring or smurfing, ignoring virtual currency scams known as “pig butchering,” and falsified trade documentation hiding sanctionable ties.

[View source.]

Latest Posts

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

Read Full Story: https://news.google.com/rss/articles/CBMiekFVX3lxTE95WV80MDJWc2dLRUFTaTFVVTEw...