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US passes new AML whistleblower law

Monday 4 January 2021 12:15 CET | News

In the US, The AML Act has been added as a major section of the National Defense Authorization Act and has become law pursuant to Congress’ override of President Trump’s veto.

The AML Act’s whistleblower provision was modeled on the Dodd-Frank Act and permits individuals with information on money laundering and violations of the Bank Secrecy Act to file anonymous and confidential reports to the Secretary of Treasury and qualify for monetary rewards up to 30% of the sanctions obtained from the US government. The law also prohibits retaliation against some employees who report AML violations, but excludes most employees working in banks or credit unions.

Unlike other reward laws, the AML Act does not require the Secretary of Treasury to make any minimum award. The decision to grant awards is discretionary and the Secretary can deny any whistleblower a meaningful award, for any reason.

A copy of the AML whistleblower law is linked here.

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Keywords: US, law, AML, Dodd-Frank Act, whistleblower, government, banks, credit unions, IRS
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United States
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Banking & Fintech