New Treasury Department whistleblower rewards anti-money laundering treasury law expected to lead to large rewards in bank investigations

A new treasury Department whistleblower rewards law that took effect on January 1 is called the Anti-Money Laundering Act of 2020. It created a new whistleblower program to encourage insiders at banks to report finance institutions violations of the Bank Secrecy Act.  Those subject to this new law include banks, credit unions, money service firms, casinos. and fintech providcrs.

WHistleblowers with “original information” deriving from independent knowledge or analysis and not known to the Treasury Department or contained in public reports may allow an individual to receive up to 30% of the total sanction amount. The action taken must be over one million dollars.

The purpose of the law is to reveal money laundering through these financial institutions which sometime relates to illicit organizations such as drug smugglers, terrorists, or illegal financial activities of corporations.

 

JEFFREY NEWMAN REPRESENTS WHISTLEBLOWERS NATIONWIDE AND HE CAN BE REACHED AT JEFFREY.NEWMAN1@GMAIL.COM OR AT 978-880-4758