A focus on the BSA/AML whistleblower provisions

Incentives and protections for whistleblowers encourage disclosure with some exceptions.

We are all aware of the great changes that have been occurring over the last couple of years. There have been many changes to our lifestyles, changes to our working environments, and it is true that banking regulations have not been excluded from change as well.

Today I’ll focus on a specific change and give a little insight into a particular area of the Anti-Money Laundering Act of 2020: the new whistleblower provisions. These provisions are not new; however, they have undergone revision to increase incentivization, and they deserve some attention as these changes may impact your institution.

Incentives for Whistleblowers

The whistleblower provisions were enacted with the goal to incent employees of financial institutions to take any information on Bank Secrecy Act violations either to their employer or to the federal government and furthermore protects these individuals from any retaliation.


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