FinCEN crafting rule proposal for AML and sanctions whistleblower program

The new director at the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering (AML) and sanctions whistleblower program.

Andrea Gacki, in virtual remarks delivered at an industry event Tuesday, said the program will allow FinCEN to pay out awards to individuals who voluntarily come forward with information on violations of the Bank Secrecy Act (BSA) or U.S. sanctions when that information leads to an enforcement action.

“While we work on the rulemaking necessary to fully implement this program, FinCEN is already receiving tips, investigating information received through those tips, and making referrals to its enforcement colleagues at [the Office of Foreign Assets Control] and the Department of Justice,” said Gack