Bank Secrecy Act Whistleblower

We Represent Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Whistleblowers Nationwide

The federal Bank Secrecy Act (BSA) is one of the federal government’s most important tools for protecting the integrity of the US financial system, preventing money laundering, and detecting (and deterring) transactions that involve terrorist financing and other threats to national security. While the Financial Crimes Enforcement Network (FinCEN) and other authorities enforce the BSA directly, they also rely heavily on whistleblowers to come forward.

Under FinCEN’s whistleblower program, bank employees and other individuals who provide assistance with combating financial crime and exposing violations of BSA requirements are entitled to strict confidentiality and protection against retaliation. They are also entitled to monetary rewards when their reports of misconduct or other wrongdoing lead to recoveries of $1 million or more.

Here’s What Potential Bank Secrecy Act Whistleblowers Need to Know

For potential whistleblowers, making informed decisions requires a clear understanding of FinCEN’s whistleblower program and the eligibility requirements for coming forward. Other whistleblower programs exist as well, and bank employees and other individuals may need to come forward under these other programs in certain circumstances. Here are some key insights from our BSA whistleblower attorneys:

About the Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network (FinCEN) is part of the U.S. Treasury Department. It works alongside IRS Criminal Investigation (IRS CI) and other federal law enforcement authorities to uncover violations of federal anti-money laundering (AML) laws such as the BSA, as well as sanctions violations, tax evasion, and other forms of fraud.

Under its whistleblower program, FinCEN accepts reports of violations of multiple federal statutes and related AML regulations. These statutes include (but are not limited to):

• Anti-Money Laundering Act (AMLA)
• Bank Secrecy Act (BSA)
• Foreign Narcotics Kingpin Designation Act (Kingpin Act)
• International Emergency Economic Powers Act (IEEPA)
• Trading With the Enemy Act (TWEA)

Eligible individuals who report violations of these statutes under FinCEN’s whistleblower program can play an important role in protecting the US financial system while also holding bad actors in the financial industry duly accountable. Our attorneys help whistleblowers expose all types of statutory and regulatory violations to FinCEN.

Internal Reporting vs. Blowing the Whistle on Financial Institutions

Many financial institutions and other businesses encourage their employees to internally report suspected statutory and regulatory violations. They encourage their employees to report such violations for two primary reasons: (i) because they are required to do so as part of maintaining a compliant AML program; and, (ii) because they would rather their employees report violations internally than report suspected compliance failures or criminal activity to the federal government.

If you are trying to decide between filing an internal report or blowing the whistle under the BSA, we strongly encourage you to speak with one of our attorneys. We can help you make informed decisions about how to deal with information regarding:

• Failure to file currency transaction reports (CTRs)
• Failure to file suspicious activity reports (SARs)
• Failure to implement proper AML controls
• Knowingly overlooking money laundering transactions and other illicit financial transactions
• Any other illegal activity involving financial institutions, money services businesses, or other entities

Financial institutions, money services businesses, or other entities can face steep monetary sanctions in all types of BSA and AML cases. Under FinCEN’s whistleblower program, whistleblowers are generally entitled to between 10% and 30% of the monetary sanctions they help FinCEN recover (in excess of $1 million).

Serving as a Bank Secrecy Act Whistleblower with FinCEN

To serve as a BSA whistleblower with FinCEN, you must be prepared to come forward with original information about a violation of the Bank Secrecy Act or another law passed to detect and deter money laundering and other illicit financial transactions. Individuals who have information about such transactions must also come forward in strict compliance with the BSA’s whistleblower provisions.

Our attorneys have extensive experience representing federal whistleblowers. In addition to helping you make an informed decision about whether to come forward, if you decide to come forward, we can guide you step-by-step through the process.

Whistleblower Awards Following Successful Enforcement Actions

As discussed above, FinCEN’s whistleblower program includes provisions for monetary awards when whistleblowers provide information that leads to the recovery of monetary sanctions of one million dollars or more. Award amounts generally range from 10% to 30% of the amount recovered, with larger award percentages reserved for whistleblowers who go above and beyond to assist with FinCEN’s investigation and enforcement efforts.

This is designed to encourage individuals to come forward. But, regardless of whether you are interested in seeking a monetary award, there are many other important reasons to consider coming forward as well.

Working with a BSA Whistleblower Lawyer

While whistleblowers are not required to hire a lawyer to represent them, there are several important reasons to work closely with an experienced lawyer throughout the process. As discussed above, our lawyers can help you make informed decisions throughout the process, and we can communicate with personnel at FinCEN and other federal agencies on your behalf. We do not charge any out-of-pocket fees to Bank Secrecy Act (BSA) and other anti-money laundering (AML) whistleblowers, and we do not disclose any information unless our clients expressly authorize us to do so.

Important Steps to Take if You Think You May Be Eligible to Serve as a BSA Whistleblower

With all of this in mind, if you are considering serving as a BSA whistleblower, what should you do? In this scenario, you should:

• Protect any records you have in your possession. If you currently have any relevant records in your possession, you should keep these safe until you can share them with your attorney.
• Be careful about gathering additional records. Before copying or removing any additional records from your employer’s facilities or systems, you should consult with an attorney.
• Take detailed notes on a personal device. You should take detailed notes about why you believe that your employer (or another entity) has violated the BSA or other federal anti-money laundering laws or regulations.
• Avoid discussing what you know with anyone. At this stage, you should not discuss what you know with anyone other than your legal counsel.

Schedule a free consultation with a whistleblower attorney. To ensure that you are making informed decisions, you should consult with an experienced whistleblower attorney as soon as possible.

FAQs: Serving as a Bank Secrecy Act (BSA) Whistleblower

Contact Us for a Free and Confidential Consultation with an Experienced BSA Whistleblower Lawyer Today

If you would like more information about coming forward as a whistleblower under the Bank Secrecy Act (BSA), we strongly encourage you to get in touch. We work with prospective BSA whistleblowers nationwide. To arrange a free and confidential consultation with one of our senior whistleblower lawyers as soon as possible, call 888-680-1745 or tell us how we can reach you online now.