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).

CFTC Makes $1.8M Whistleblower Award -- Second Award Under Trump Administration

By the Constantine Cannon Whistleblower Lawyer Team Shortly before the holidays (on December 19), the Commodity Futures Trading Commission (CFTC) announced a $1.8 million award to two whistleblowers “whose information significantly contributed to the successful resolution of enforcement cases involving defrauded investors.”[1]  It is only the second award under the CFTC Whistleblower Program since President Trump took office, the first one (of $700,000) being awarded in May. Like the Securities...

Whistleblower Question of the Week: What Drives Whistleblowers to Speak Out?

By the Constantine Cannon Whistleblower Team Whistleblowers are often driven by a strong sense of integrity and ethical responsibility. When they witness fraud, corruption, misconduct, or threats to the public or government, they feel obligated to speak up. Their moral compass pushes them forward, especially when silence would allow harm to continue unchecked. When institutions turn a blind eye to misconduct, whistleblowers’ resolve strengthens. They step up because no one else...

Florida Broker Fined $650K by FINRA For AML Compliance Lapses

By the Constantine Cannon Whistleblower Team The Financial Industry Regulatory Authority (FINRA) fined Miami-based brokerage firm EFG Capital International $650,000 for alleged deficiencies in the firm's anti-money laundering (AML) compliance program. FINRA found that EFG failed to maintain effective automated systems to detect and review suspicious transactions. 1 EFG Capital Agreed to Pay Without Admitting Wrongdoing EFG Capital settled the matter without admitting wrongdoing. The action highlights the importance of financial...

Whistleblower Question of the Week: What Does a Whistleblower Attorney Do?

By the Constantine Cannon Whistleblower Team Whistleblower attorneys represent individuals who step forward to report illegal or fraudulent activity that often involves government programs, such as Medicare and Medicaid, government contracts, investor funds, or corporate misconduct. Our whistleblower team at Constantine Cannon helps guide clients through every step of the process. We navigate complex laws, offer support, and provide strategic legal advice from the first consultation through government investigation, litigation, and...

Judge Meg Ryan Named SEC Director of Enforcement -- What It Means For SEC Whistleblowers

By the Constantine Cannon Whistleblower Team An Unconventional Pick to Lead SEC Enforcement Last Thursday (August 21), the Securities and Exchange Commission (SEC) announced that Judge Margaret “Meg” Ryan will become the new SEC Director of Enforcement.1  She will take over for Acting Enforcement Director Sam Waldon, who will return to his prior post of SEC Chief Counsel.  Judge Ryan’s appointment is a strong indication the agency will continue on...

Whistleblower Question of the Week: How Do Financial Rewards Work for Whistleblowers?

By the Constantine Cannon Whistleblower Team In the United States, financial rewards for whistleblowers are offered through several government programs designed to encourage individuals to report fraud, misconduct, or violations of the law. What Is a Whistleblower Reward? By initiating actions under the False Claims Act and other whistleblower reward laws and programs, whistleblowers may receive a percentage of the money the government recovers as a result of their information. If...