AML Rewards
AML Whistleblower Reform Bill Unanimously Passes Senate
On December 7, the U.S. Senate unanimously voted by voice to pass the bipartisan Anti-Money Laundering (AML) Whistleblower Improvement Act. The bill offers reforms to the AML Whistleblower Program which whistleblower advocates have called for since the program was established...
Action is Needed this International Anti-Corruption Day!
December 9 is International Anti-Corruption Day (IACD): the date was designated by the United Nations’ (UN) General Assembly on October 31, 2003. 2022’s commemoration of IACD “seeks to highlight the crucial link between anti-corruption and peace, security, and development” and...
AML Whistleblower Reform Would Lead to Increased Revenue, Congressional Budget Office Says
On November 7, the Congressional Budget Office (CBO) released a Cost Estimate report for H.R. 7195, a bipartisan bill reforming the anti-money laundering (AML) Whistleblower Program. According to estimates by the CBO, the bill could lead to hundreds of millions...
Russian Sanctions Whistleblowers Have Stayed Silent Due to AML Program’s Deficiencies, Letter Alleges
Many potential whistleblowers with knowledge of money laundering and sanctions violations have chosen not to blow the whistle due to shortcomings in the recently established Anti-Money Laundering (AML) Whistleblower Program, advocacy group Taxpayers Against Fraud (TAF) alleges in a letter...
House Committee Approves Bipartisan AML Whistleblower Reform Bill
On June 22, the U.S. House Committee on Financial Services voted unanimously by voice to approve H.R. 7195, a bipartisan bill reforming the Anti-Money Laundering (AML) Whistleblower Program to be aligned with other modern whistleblower award programs. The bill will...
U.S. House Committee on Financial Services To Mark Up AML Amendment
On June 22, the U.S. House Committee on Financial Services will hold a markup session at 10am Eastern Time; one of the bills being marked up at the session is H.R. 7195, which offers amendments to the Anti-Money Laundering (AML)...
USAA Whistleblower Claims AML Sanctions Against Company “Are Just the Tip of the Iceberg”
According to a former compliance officer, officials at USAA “intentionally” hid illegal practices for U.S. regulators for years despite concerns raised internally by compliance staff, Compliance Week reports. The whistleblower claims that anti-money laundering sanctions levied against the bank earlier...
AML Whistleblower Reform Bill to be Heard by House Committee
On April 28, the U.S. House of Representatives Committee on Financial Services is holding a hearing “Oversight of the Financial Crimes Enforcement Network.” Among the legislation to be discussed at the hearing is H.R. 7195, which offers much-needed reforms to...
House Bill Offers Fixes to AML Whistleblower Program
In January 2021, the passage of Anti-Money Laundering (AML) Act of 2020 established the AML Whistleblower Program. Since then, whistleblower advocates have repeatedly called for reforms to the program, claiming that legislative loopholes would undermine the much-needed whistleblower award program....
Treasury Department’s AML Whistleblower Program Rulemaking Seen as Pivotal in U.S.’s Fight Against Corruption
As previously reported by WNN, the U.S. Department of the Treasury is currently drafting proposed rules to govern the recently established Anti-Money Laundering (AML) Whistleblower Program. On March 28, leading whistleblower attorney Stephen M. Kohn, a founding partner of the...
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