Nicola Sharp of Rahman Ravelli details the most recent changes to whistleblowing protections and rewards in the United States.
The United States’ anti-money laundering whistleblower programme has been expanded by the recently-passed Anti-Money Laundering Whistleblower Improvement Act (the Improvement Act).
The Improvement Act, which was passed as part of the Consolidated Appropriations Act 2023, funds the whistleblower programme but also widens its scope beyond Bank Secrecy Act (BSA) offences so that it also relates to violations of US economic sanctions laws. The programme now covers any company that is subject to US jurisdiction if it violates US economic sanctions laws, as well as the financial institutions with BSA obligations.
AMLA
The whistleblower programme had been enhanced when it was included in the Anti-Money Laundering Act 2020 (AMLA). AMLA provided whistleblowers with protection from retaliation if they reported potential violations to their supervisor, someone else within the organisation who has the authority to investigate and take action to address the suspected misconduct or outside regulatory or law enforcement agencies.
AMLA states that employers may not “directly or indirectly, discharge, demote, suspend, threaten, blacklist, harass, or in any other manner discriminate against’’ someone who provides relevant information to authorities or assists an investigation.
AMLA also enables whistleblowers to file an initial complaint with the Department of...
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