AML Rewards
Leak Exposes Credit Suisse’s Criminal Clients as AML Whistleblower Law Awaits Reform
A whistleblower recently leaked data from Credit Suisse revealing that the bank opened accounts for and served numerous individuals with criminal ties, including sanctioned businessmen and human rights abusers. The leaked data includes information on more than 18,000 bank accounts,...
Treasury Department Drafting Rules for AML Whistleblower Program
The U.S. Treasury Department is currently drafting proposed rules to implement the whistleblower provisions of the Anti-Money Laundering (AML) Act of 2020. The rulemaking process’ status was first made public in a Reuters article by leading whistleblower attorney Stephen M....
Biden’s Anti-Corruption Plan Includes Utilizing AML Whistleblowers
On December 6, the Biden-Harris administration released the first-ever United States Strategy on Countering Corruption. The document outlines an approach for the United States to elevate its fight against corruption. The strategy includes enlisting whistleblowers to curb illicit finance and...
Whistleblower Advocates Support Grassley Amendment to AML Act
On November 19, a coalition of whistleblower advocacy groups sent a letter to Congress urging for the inclusion of S.Amendment.4437 as part of the National Defense Authorization Act. The amendment, introduced by Senator Chuck Grassley (R-IA), makes fixes to the...
Another AML Act Problem: Relying on Appropriations for Whistleblower Rewards
Since the Anti-Money Laundering Whistleblower Act (AML Act) was passed in January, whistleblower advocates and experts have criticized it for lacking key provisions to ensure that whistleblowers are properly incentivized and protected. Whistleblower groups are urging Congress to fix a number...
Lack of Guaranteed Reward Minimum is Undermining AML Whistleblower Program
A recently created rewards program for anti-money laundering whistleblowers is faltering due to legislative shortcomings, according to new reporting by The Wall Street Journal. The reporting validates the warnings of whistleblower advocates who argued that loopholes in the legislation establishing...
Whistleblower Groups Send Letter to Congress Advocating Stronger Whistleblower Protections in AML Act
On April 30, nonprofit organization the National Whistleblower Center (NWC) sent a letter to members of Congress advocating for stronger whistleblower provisions in the Anti-Money Laundering (AML) Act of 2020. The letter is cosigned by the National Whistleblower Legal Defense...
Leading Whistleblower Attorney Explains Dangerous Loophole in Anti-Money Laundering Act
On February 4, leading whistleblower attorney Stephen M. Kohn had an article published by JD Supra entitled “Loopholes Doom Money Laundering Anti-Retaliation Law.” The article denounces the recently passed Anti-Money Laundering Act (AML Act), which contains loopholes that whistleblower advocates...
Whistleblower Experts Fear That Loopholes May Undermine New Anti-Money Laundering Whistleblower Law
On January 1, Congress passed the whistleblower provision of the Anti-Money Laundering Act. The Anti-Money Laundering (AML) Act is a section of the yearly National Defense Authorization Act (NDAA), which distributes funds to the U.S. Department of Defense (DOD) and...
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