Why FinCEN Should Quickly Establish Regulations for the New AML Whistleblower Program

The nascent AML whistleblower program promises to boost enforcement in a difficult area, but FinCEN must swiftly develop regulations to ensure that it launches the program in the most robust way possible. Created by the Anti-Money Laundering Act of 2020 (AMLA), passed as part of the FY21 National Defense Authorization Act (NDAA), the program went into immediate effect.  Motivated by retaliation protections and the potential for rewards, whistleblowers ready to...

Project Proposes Legislative Action to Protect and Incentivize AML Whistleblowers

Offshore Alert and the Association of Certified Financial Crime Specialists were joined by Constantine Cannon Whistleblower Lawyers Poppy Alexander, Eric Havian, and Michael Ronickher in developing a proposal to enact legislation that would create statutory incentives and protections for whistleblowers with information about money laundering. The proposal, unveiled on May 25, 2020, was developed in response to a challenge in the FT Innovative Lawyers Global Legal Hackathon to figure out ways...

The Need for Whistleblowers in AML Enforcement

Banking Exchange publishes article by Eric Havian and Michael Ronickher.  Click here to read the article.

BankThink: AML enforcement needs more whistleblowers

Whistleblower attorneys Eric Havian and Michael Ronickher published in the American Banker (Jan. 7, 2019).

New FinCEN Alert on Hizballah: A Call for Financial Institutions and Whistleblowers

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to financial institutions across the country, urging them to enhance efforts in identifying and reporting suspicious activity linked to Hizballah. This alert comes as part of a broader campaign by the Treasury Department to combat terrorist financing and protect the U.S. financial system from being exploited by terror groups. The alert builds on the advisory issued...

Anti-Money Laundering Whistleblower Program Delay Raises Concerns Among U.S. Senators

In a call for accountability, a bipartisan trio of U.S. Senators, including Chuck Grassley (R-Iowa), Elizabeth Warren (D-Mass.), and Raphael Warnock (D-Ga.), sent a letter to the Financial Crimes Enforcement Network (FinCEN) Director, Andrea Gacki, urging an explanation for the notable delays in the full implementation of the Anti-Money Laundering whistleblower reward program. Established under the 2021 annual defense bill, the FinCEN whistleblower program was designed to incentivize individuals to...

July 30 Is National Whistleblower Appreciation Day -- Have You Thanked A Whistleblower Lately?

July 30 is National Whistleblower Appreciation Day.  Thanks to Senators Chuck Grassley (R-Iowa) and Ron Wyden (D-Oregon), co-heads of the Senate Whistleblower Protection Caucus, it is the tenth year in a row for this annual marker to celebrate whistleblowers and the critical role they play in protecting our health and well-being.  In announcing their bipartisan resolution designating this special day, the senators did not mince words in their warm embrace...

How Congress and the IRS Can Fulfill the Promise of the Tax Whistleblower Program

Constantine Cannon whistleblower partner Michael Ronickher wrote on the Taxpayers Against Fraud blog about three key changes the IRS could make to help its whistleblower program reach its full potential. The program, which provides rewards of 15-30% of the funds collected by the IRS because of a tip, is undeniably important. As Mike wrote, “Since 2007, the IRS has recovered $6.14 billion based on information from whistleblowers, and it has...

SEC Whistleblower Program Reports Stunning 2021 Results

If you have been watching the SEC Whistleblower Program over the last year, you already know that this has been a big year, with the program passing one billion in total whistleblower awards as enforcement matters based on information from whistleblowers have resulted in orders for nearly $5 billion in monetary sanctions.  This week, the SEC released its 2021 Annual Report on the SEC Whistleblower Program, and, even though we...

SEC Names New Whistleblower Chief

On November 5, 2021, the SEC announced that Nicole Creola Kelly would take over as Chief of the SEC’s Office of the Whistleblower.  The Office of the Whistleblower oversees the agency’s hugely successful Whistleblower Program, which has awarded about $1.1 billion to 226 individuals over the last decade.  Over the same period, those whistleblowers have helped the SEC obtain roughly $5 billion in financial penalties from securities fraudsters and cheats.  The program...