On April 1, the Financial Crimes Enforcement Network (FinCEN) at the Department of the Treasury issued a notice of proposed rulemaking (NPRM) to establish a whistleblower program that offers incentives and protections to individuals to voluntarily report information about potential violations of anti-money laundering (AML) and sanctions laws, such as the Bank Secrecy Act (BSA), International Emergency Economic Powers Act (IEEPA), Trading with the Enemy Act of 1917 (TWEA), and Foreign Narcotics Kingpin Designation Act (Kingpin Act). The NPRM proposes procedures for whistleblowers to share information about potential violations, awards of 10-30 percent of collected monetary penalties for individuals whose tip leads to a successful enforcement action, and protections for whistleblowers who provide information to FinCEN's whistleblower program. Given the intersection of AML and sanctions compliance, companies need to understand the incentives by employees and third parties of the FinCEN program.
FinCEN's proposed rule creating the Whistleblower Program would implement section 6314 of the Anti-Money Laundering Act of 2020 (AML Act) and the Anti-Money Laundering Whistleblower Improvement Act (AML Whistleblower Improvement Act), which were enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (FY21 NDAA) and the Consolidated Appropriations Act of 2023, respectively. FinCEN has requested comments on the proposed rule...
Singer and actor Kim Min-jong refuted allegations of involvement in illegal gambling, calling them “clear falsehoods.” Kim stated through his legal representatives, OhKims Law, on the 19th, “We cl...