AML/CTF/CPF
Industry News
The proposal aims to strengthen detection and enforcement of financial crime, including fraud and sanctions breaches.
Key points include:
➡️ Whistleblower Rewards: Individuals could receive 10% to 30% of monetary penalties collected in successful enforcement actions;
➡️ Scope of Violations: The programme covers reporting of Bank Secrecy Act (BSAbreaches), sanctions violations and other illicit finance activity, including fraud;
➡️ Actionable Intelligence Requirement: Awards will apply where tips lead directly to enforcement action by the Treasury or Department of Justice;
➡️ Encouraging Reporting: The framework is designed to incentivise timely, high-quality reporting of financial crime risks;
➡️ Whistleblower Protections: Measures are included to protect individuals who provide information under the programme;
➡️ Implementation of Prior Legislation: The rule would complete the rollout of whistleblower provisions introduced in 2020 and 2022; and
➡️ Regulatory Direction: The initiative reflects a broader push to enhance intelligence gathering and enforcement through public participation.
✅ Firms should ensure internal whistleblowing frameworks are robust, accessible and aligned with regulatory expectations, while anticipating increased external reporting.
