The Financial Crimes Enforcement Network has proposed a new rule to provide financial incentives to people who report tips on Bank Secrecy Act and sanctions violations and other illegal activity.
According to the agency, the proposed rule would establish procedures for whistleblowers to share information about potential violations, including procedures for submitting award applications. Awards would range from 10% to 30% of collected monetary penalties for individuals if their tips lead to a successful enforcement action by the Treasury Department or the Department of Justice. The rule also would establish protections for whistleblowers who provide information through the program.
FinCEN’s whistleblower program was authorized by the Anti-Money Laundering Act and the AML Whistleblower Improvement Act, but the proposed rule would fully implement the program, according to the agency. FinCEN launched a new dedicated webpage for the program in February.
