Compliance Fox: FinCen Proposes New Whistleblower Program
The Financial Crimes Enforcement Network (FinCen) has proposed a formal whistleblower program modeled on the US Securities and Exchange Commission (SEC), aimed at boosting detection of money laundering, sanctions violations, and related crimes.
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The plan offers 10-30% awards, favoring the top end for smaller payouts, potentially driving more tips. High-risk sectors like crypto, broker-dealers, casinos, and smaller firms could be especially exposed.
Watch the latest Compliance Fox episode to see how strengthening internal reporting, doing independent program reviews, and reinforcing anti-retaliation policies now can help.
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