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FinCEN’s New Whistleblower Program Open for Business

By Valentina Pasquali

The U.S. financial intelligence unit is now accepting tips of possible anti-money laundering violations at banks, broker-dealers and other financial institutions under a recently expanded whistleblower program, sources said. The Anti-Money Laundering Act, which federal lawmakers enacted a year ago as part of an annual defense-spending bill, drastically overhauled the limited system that previously governed how the Financial Crimes Enforcement Network, a bureau of the Treasury Department, could reward individuals that came forward with tips on compliance failures by their employers. Under the AML Act, FinCEN's awards for whistleblowers who provide novel information that leads to a considerable enforcement action...

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