FinCEN Whistleblower Award
Learn About the Requirements for Seeking a Whistleblower Award from the Financial Crimes Enforcement Network (FinCEN)
The Financial Crimes Enforcement Network (FinCEN) is one of several federal authorities that administer whistleblower programs. Under FinCEN’s whistleblower program, individuals who provide original information that leads to a successful enforcement action can receive an award of between 10% and 30% of the amount the government recovers.
For individuals who are thinking about contacting FinCEN, we strongly recommend consulting with an experienced whistleblower attorney. FinCEN whistleblowers must meet strict substantive and procedural requirements to establish their award eligibility. Our attorneys help eligible whistleblowers worldwide submit information to FinCEN, and we can help ensure compliance with all of the requirements for securing a FinCEN whistleblower award.
About FinCEN’s Whistleblower Program
FinCEN accepts whistleblower complaints involving banks and other financial institutions, money services businesses, and other organizations throughout the U.S. and abroad. It accepts complaints involving all types of financial transactions that implicate the statutes and regulations within its enforcement jurisdiction. Financial rewards are available in all cases in which whistleblowers help FinCEN recover $1 million or more.
Here is an overview of some of the key aspects of the FinCEN whistleblower award program:
Statutes Covered
FinCEN accepts whistleblower tips under the federal laws listed below. It also accepts tips involving Office of Foreign Assets Control (OFAC) sanctions violations, as well as violations of federal anti-money laundering (AML) regulations:
Bank Secrecy Act (BSA)
The Bank Secrecy Act (BSA) works alongside the Anti-Money Laundering Act (AML Act) to regulate financial transactions involving U.S. financial institutions. FinCEN whistleblowers can report violations of the BSA including (but not limited to) failure to report anti-money laundering violations, failure to file suspicious activity reports (SARs) and currency transaction reports (CTRs), modification of SARs and CTRs, and other financial crimes and compliance failures.
International Emergency Economic Powers Act (IEEPA)
The International Emergency Economic Powers Act (IEEPA) works alongside the federal anti-money laundering laws to address illicit financial transactions in the U.S. and abroad. IEEPA imposes steep monetary sanctions for statutory and regulatory violations, and whistleblowers who report IEEPA violations impacting the U.S. financial system may be entitled to receive sizable FinCEN whistleblower awards.
Trading With the Enemy Act (TWEA)
FinCEN accepts tips involving violations of the Trading With the Enemy Act (TWEA) as well. The TWEA is one of several sanctions laws that apply to domestic and international financial transactions, and whistleblowers who report TWEA violations to FinCEN can also become eligible to receive monetary awards. If you have information about potential violations of the TWEA, an experienced attorney at our firm can help you make informed decisions about your next steps.
Foreign Narcotics Kingpin Designation Act (Kingpin Act)
An experienced attorney at our firm can also help you make informed decisions about reporting potential violations of the Foreign Narcotics Kingpin Designation Act (Kingpin Act). The Kingpin Act falls within FinCEN’s enforcement jurisdiction as well, and it imposes substantial monetary penalties for all types of violations. Here too, eligible whistleblowers are entitled to a percentage of the monetary sanctions collected.
Reportable Violations
Under these statutes, whistleblowers can report numerous types of violations to FinCEN. The experienced attorneys at our whistleblower law firm help employees, former employees, and other individuals report violations including (but not limited to):
BSA Violations by Financial Institutions
Whistleblowers can report all types of BSA violations by financial institutions. This includes everything from violations involving cash transactions to violations involving federal sanctions programs. While financial institutions often encourage their employees to report internally, before you file an internal report, we strongly recommend consulting with an experienced whistleblower attorney to determine whether this is the best option under the circumstances at hand.
Other AML Violations by Financial Institutions
Along with BSA violations, FinCEN whistleblowers can report other AML violations by financial institutions as well. The BSA is just one of several laws critical to protecting the integrity of the U.S. financial system, and whistleblowers can report all types of money laundering and sanctions violations through the appropriate channels. In some cases, this may involve working with FinCEN and one or more other federal authorities.
OFAC Sanctions Violations
FinCEN shares responsibility for enforcing the sanctions regulations promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). If you need to come forward under FinCEN’s sanctions whistleblower program, our experienced attorneys can assist you with taking all of the necessary steps to qualify for a FinCEN whistleblower award.
Other Violations of the Statutes Listed Above
Our attorneys help whistleblowers report all other statutory violations to the Treasury’s Financial Crimes Enforcement Network (FinCEN) as well. If you have (or believe you may have) information about any violation of any of the federal statutes listed above, we strongly encourage you to contact us for a free and strictly confidential consultation.
Award Eligibility and Calculation
FinCEN whistleblowers who meet the bureau’s eligibility criteria will qualify to receive financial rewards in most cases. As FinCEN explains:
“Individuals who voluntarily provide information about . . . violations or conspiracies to commit violations may be eligible for awards if the information they provide leads to a successful enforcement action by the Department of the Treasury (Treasury) or the Department of Justice (DOJ) that results in monetary penalties exceeding $1,000,000 . . . .”
Due to the nature of FinCEN enforcement matters, this $1 million threshold will be met in virtually all situations in which a whistleblower complaint is warranted. FinCEN whistleblower awards generally range from 10% to 30% of the amount recovered when a whistleblower’s tip leads to a successful enforcement action. Factors that can impact a whistleblower’s award percentage include:
- The value of the original information provided
- The timeliness with which the whistleblower comes forward
- The level of assistance the whistleblower provides during FinCEN’s investigation
- The importance of the case to the government (i.e., if it involves a threat to national security)
- The whistleblower’s role (if any) in the violation(s) reported
When we represent FinCEN whistleblowers, we work directly with FinCEN and the DOJ on behalf of our clients to help maximize their award eligibility. Our attorneys remain actively involved throughout the investigation process, and we remain in close contact with our clients every step of the way. Again, if you would like to know more, we strongly encourage you to contact us for an initial consultation.
FAQs: Reward Under FinCEN’s Anti-Money Laundering (AML) Whistleblower Program
What is the Financial Crimes Enforcement Network (FinCEN)?
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Treasury Department. Specifically, it is the bureau of the Treasury responsible for enforcing BSA/AML compliance. FinCEN’s Office of the Whistleblower works alongside the Treasury’s Office of Foreign Assets Control (OFAC) to uncover illicit financial transactions in the U.S. and abroad.
Are FinCEN whistleblowers entitled to legal protections?
Yes, all individuals who qualify to come forward under FinCEN’s whistleblower program are entitled to stringent legal protections. If you come forward, FinCEN will protect your identity from disclosure (you may also file a whistleblower report anonymously if you choose), and you will be entitled to federal anti-retaliation protections as well. These protections prohibit employers from taking retaliatory adverse employment actions against whistleblowers, and they entitle whistleblowers to damages and other remedies when their employers violate the law.
How do I file an anti-money laundering whistleblower complaint with FinCEN?
Anti-money laundering whistleblowers must strictly comply with FinCEN’s filing procedures. With this in mind, working closely with an experienced federal whistleblower attorney is strongly recommended. Whistleblowers who fail to comply with FinCEN’s filing requirements may not qualify for the legal protections or financial rewards that are available.
What documentation do I need to provide to qualify for a FinCEN whistleblower award?
You do not need any specific documentation to qualify for a FinCEN whistleblower award. Prospective whistleblowers must provide detailed information which demonstrates that an investigation is warranted, but no specific form or amount of documentation is required. FinCEN can only conduct an investigation if a whistleblower’s information indicates that the expenditure of federal resources is warranted. When you choose our law firm to represent you, our attorneys will assist with building your case and helping you make an informed decision about how and when to come forward.
When does FinCEN issue financial rewards to whistleblowers?
FinCEN whistleblowers become eligible to receive financial rewards when they provide qualifying information that leads to a successful enforcement action. If FinCEN relies on a whistleblower’s original information to recover monetary sanctions in excess of $1 million, the whistleblower will generally be entitled to an award of 10% to 30% of the amount recovered.
Schedule an Initial Consultation with an Experienced FinCEN Whistleblower Attorney
If you think you may be eligible to seek a FinCEN whistleblower award (or if you have questions about FinCEN’s whistleblower eligibility requirements), we strongly encourage you to get in touch. To schedule a free and confidential consultation with one of our experienced FinCEN whistleblower attorneys, call 888-680-1745 or contact us confidentially online today.