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Financial Reform Bill Would Reward AML Whistleblowers
By Brian Monroe
printA provision in the Senate's proposed financial overhaul bill could incentivize more anti-money laundering compliance officers to blow the whistle on any illegal activities of their employers in exchange for large payouts. Under the whistleblower provisions in the Restoring American Financial Stability Act of 2010, introduced April 15 by U.S. Senate Banking Committee Chairman Christopher Dodd (D-CT), employees who report securities violations that result in monetary penalties of $1 million or more could get between 10 and 30 percent of the fines. While aimed at preventing alleged trading violations, the provision would also prompt staff to report anti-money laundering compliance...
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