The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Proposed Rule to implement the Anti-Money Laundering Whistleblower Improvement Act (“AML WIA”). Whistleblower advocates argue that the proposed rule diverges from Congressional intent and fails to sufficiently protect or incentivize whistleblowers, undermining the law’s purpose.
On April 30th, the National Whistleblower Center submitted 19 comments to FinCEN, identifying how the Proposed Rules weaken the AML whistleblower program’s impact. This article examines how the provision of the proposed rule concerning the submission of Form TCR (Tip, Complaint, or Referral), the official form to submit original information about potential violations, risks disqualifying otherwise meritorious whistleblowers on purely technical grounds.
If left unchanged, the NWC argues, FinCEN’s proposed rules could prevent qualified whistleblowers from receiving awards even when their disclosures directly lead to successful enforcement actions. The NWC has called on FinCEN to revise both provisions before the comment period closes on June 1, 2026. To learn more about NWC’s campaign, click here.
Award Eligibility and “Voluntary”
The FinCEN regulations implement the statutory framework of the Anti-Money Laundering WIA of 2022 (“AML WIA”), which advocates call the broadest transnational U.S. whistleblower law Congress has ever passed. According to FinCEN, its implementation of the program carries the important responsibility of...
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