On March 30, FinCEN announced that it has issued an NPRM in the Federal Register to implement a whistleblower program which, among other things, would “pay” whistleblowers to encourage those with knowledge of potential violations of: (i) the BSA/AML; (ii) the International Emergency Economic Powers Act; (iii) the Trading With the Enemy Act; and (iv) the Foreign Narcotics Kingpin Designation Act, to voluntarily report such information. The proposed rule seeks to implement § 6314 of the Anti-Money Laundering (AML) Act of 2020 and the AML Whistleblower Improvement Act. It outlines procedures for information-sharing, submitting tips, eligibility criteria for awards, and a process for adjudicating award applications, with awards ranging from 10 to 30 percent of monetary penalties collected for tips that lead to a successful enforcement action by Treasury or DOJ resulting in monetary sanctions exceeding $1 million.
FinCEN stated that, while the whistleblower program is codified by the AML Act and the AML Whistleblower Improvement Act and is currently accepting tips, the proposed rule would “fully implement” the statutory requirements. The rule would also prohibit employers from retaliating against whistleblowers, bar any person from impeding an individual’s direct communications with Treasury or DOJ about potential violations, and provide that whistleblower rights may not be waived by any agreement, policy, or pre-dispute arbitration agreement. Comments on the proposal must be...
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