The U.S. Financial Crimes Enforcement Network aims to formally pitch a rule this month that would govern the bureau's fledgling whistleblower incentive program going forward, leapfrogging the task ahead of other longstanding regulatory initiatives. Through the program, which Congress mandated in January 2021 and bolstered with a stronger funding mechanism in December 2022, providers of non-public, original information on sanctions evasion or AML lapses may collect at least 10 percent and up to 30 percent of penalties assessed as a result of their tips. "My impression is that FinCEN has been intending to model the rule based on rules developed...
Financial institutions that disregard or otherwise mishandle internal warnings of flaws in their compliance programs could run afoul of the Anti-Money Laundering Act.
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