Your bank client calls to let you know of a new whistleblower matter. A senior risk officer has retained counsel who claims that the bank is retaliating against her client because he complained, in oral and written reports to the Bank, the Federal Reserve Bank of New York (Federal Reserve), the Office of the Comptroller of the Currency (OCC), and the New York Department of Financial Services (DFS), that the Bank is allegedly shirking its obligations to monitor and report suspicious customer activity that in the whistleblower’s view has the indicia of money laundering and terrorist financing. The whistleblower’s complaints are contained in reports he made to the Federal Reserve, OCC and to DFS.

Counsel has sent to the Bank a draft complaint alleging unlawful retaliation under the Dodd-Frank Act and the Bank Secrecy Act, which, she claims, protects her client from retaliation for having made good faith complaints, both to the Bank and the bank’s regulators, about conduct he reasonably believes constitutes a violation of law.

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