Credit: freshidea/Adobe Stock US Treasury AML Whistleblower Program: An International Game Changer
In late December 2022, President Joe Biden signed into law the AML Whistleblower Improvement Act that substantially ups the ante for both domestic and overseas financial services companies that have AML compliance and reporting obligations, including banks, branches, and agencies of foreign banks, securities broker-dealers, and insurance companies.
July 06, 2023 at 10:44 AM
6 minute read
Commentary
The introduction of the Anti-Money Laundering (AML) Whistleblower Program, created as part of the fiscal 2021 National Defense Authorization Act, marked a significant development in the fight against international money laundering and illicit financial activity under the Bank Secrecy Act and was a clear acknowledgment by the government that whistleblowers play a critical role in aiding government investigations and prosecutions.
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