Whistleblower advocates were quick to raise the alarm about the recent proposed rule implementing the Anti-Money Laundering Whistleblower Improvement Act (“AML WIA”). The advocates argue the rule, proposed by the Financial Crimes Enforcement Network (“FinCEN”), offers limited protections and could dampen incentives for whistleblowers. They also argue that it doesn’t align with Congressional intent nor the actual language of the AML WIA.
On April 30th, the National Whistleblower Center submitted 19 rulemaking comments detailing problems it found with the Proposed Rules. The comments strongly urge FinCEN to address the issues in its final rulemaking to ensure the effectiveness of the AML whistleblower program.
This article is part of a series that will address the major issues identified by the NWC and explain why the success of FinCEN’s whistleblower program depends on their resolution before the final rules are codified. To learn more about the importance of the AML whistleblower program, check out the first article in this series. You can also find more information about NWC’s campaign on their website.
The AML WIA contains strong confidentiality protections for whistleblowers, requiring FinCEN to maintain whistleblowers’ public anonymity. Confidentiality protections are critical for any whistleblower law because they ensure that whistleblowers feel safe enough to report financial crimes. A lack of strong...
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