ACAMS moneylaundering.com: Dozens of Whistleblowers Have Contacted FinCEN Since December: Sources

More than 50 people have reported anti-money laundering deficiencies and sanctions evasion to a federal whistleblower program since December 2022. The program, created by the Treasury’s Financial Crimes Enforcement Network (FinCEN) in 2021, is pursuant to the AML Act but has grown slowly due to funding issues. On December 20, US lawmakers created a fund totaling US$300 million that used money from fines and settlements to address the funding disparity. Lawmakers also set a 10% payout to whistleblowers who provide information that leads to at least US$1 million in penalties. “You can see the clear intent here is to bring this into line with other existing, established whistleblower programs,” said AnnaLou Tirol, former deputy director of FinCEN. “I think with the funding, the 10 percent floor and the expansion to sanctions, there is an enormous amount of potential.”

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