What Are The Chances To Be Rewarded Upon Tipping-Off An AMLA Violation?

The whistleblower lawyers at Brown, LLC have been representing the money-laundering whistleblowers from all around the country for years now. The anti-money laundering act has been formed to boost the information sharing process and coordination amongst several federal agencies assigned with investigating and enforcing AML requisites. To have facilitated this enhanced coordination and to persuade information sharing, the anti-money laundering act ensures better rewards to those who blow the whistle on misconduct on the violations of anti-money laundering law, also protection from retaliation.

Extended anti-money laundering whistleblower awards program

Under the anti-money laundering act, when an AML enforcement action brought by the U.S. Treasury Department or Department of Justice leads to financial sanctions worth more than $1 million, SEC/TREAS “shall” pay an award to the whistleblower who has willingly reported the original information that leads to successful enforcement action. A victorious whistleblower might report information about breaching of anti-money laundering regulations, rules, and laws to the Department of Justice, the Treasury Department, or to their employer. The report might make the grade under the anti-money laundering act even if this is a part of the whistleblower’s responsibility to report on these matters.

If these decisive factors are met, the Secretary of the Treasury “shall” pay an award to the whistleblower. It’s not within the discretion of the Department anymore to award or nor award a whistleblower whose original tip-off results in successful enforcement actions leading to substantial financial sanctions. The latest mandate that this kind of report shall always be rewarded is likely to encourage more and more people to come forward as effective whistleblowers.

Protection from whistleblower retaliation

The anti-money laundering act prevents companies from distinguishing between their staff in the terms or conditions of employment or even post-employment, for the staff blew the whistle on their violation of U.S. money-laundering laws. A whistleblower involved in secured activity by reporting misconduct, so long as the report is made to any of the following:

• The supervisor of the whistleblower
• The Secretary of the Treasury;
• The Attorney General;
• A federal regulatory or law enforcement agency; or
• Any Member of Congress or any committee of Congress

Helping in the investigation or administrative or judicial action of the Department of Justice or the Treasury relating to breaching of U.S. money-laundering rules, regulations, and laws is as well protected activity under the anti-money laundering act.

Anti-money laundering act whistleblowers who happen to experience retaliation might choose to file a complaint with the Department of Labor. If the Department of Labor never issues a decision within 180 days of the filing, the whistleblower is allowed to bring an action against their employer in the federal district court. Upon succeeding as a whistleblower, the individual might be entitled to double backpay, reinstatement, compensatory damages (including attorney’s fees and litigation costs), and any other form of suitable remedy.

Conclusion

Whistleblowers are debatably VIP resources to the federal agencies looking to trace and address violations of the U.S. money-laundering laws. These people – who work at organizations and corporations that involve in illegal activities – could actually help federal agencies charged with enforcing money-laundering rules and regulations to locate, investigate and respond to the violations of law. Workers, however, who blow the whistle on their employers actually risk their reputations, careers, and probably their only livelihoods. These increased rewards, together with protection from potential retaliation, will encourage more whistleblowers to come forward, resulting in better enforcement and compliance with the federal law.

If you are holding any significant information about anti-money laundering law violations, contact anti-money laundering attorneys at Brown, LLC. Our attorneys are just more than a team of experienced professionals. They act out of belief and confidence in their clients.