Bank Secrecy Act (BSA): Requires financial institutions to assist government agencies in detecting and preventing money laundering.
To qualify under the Bank Secrecy Act (BSA), the whistleblower must identify violations related to money laundering or other financial crimes. Criteria include:
- Failure to File Suspicious Activity Reports (SARs): If financial institutions fail to report suspicious transactions.
- Money Laundering Activities: Participation or facilitation of money laundering schemes.
- Willful Neglect: A willful failure to maintain required records or follow regulations.
USA PATRIOT Act: Strengthens measures to combat terrorism financing and enhance the ability of law enforcement to track and investigate financial crimes.
To qualify under the USA PATRIOT Act, the whistleblower must report financial crimes related to terrorist financing or money laundering activities. Key criteria include:
- Failure to Report Suspicious Activities: Non-reporting of transactions linked to illegal activities, such as terrorism.
- Non-compliance with Anti-Money Laundering (AML) Regulations: Violations of KYC (Know Your Customer) and due diligence rules.
To qualify under FinCEN’s Enforcement Programs administered by the U.S. Department of Treasury, whistleblowers must report violations related to anti-money laundering (AML) laws and other financial regulations. Key criteria include:
- Non-compliance with AML Regulations: Failing to report suspicious transactions or activities.
- Financial Crimes: Participation or knowledge of illegal activities such as money laundering, terrorist financing, or fraud within financial institutions.
- Direct Knowledge: Whistleblowers must have firsthand information about the violation.
Reporting FinCEN Fraud
Reporting such fraud helps maintain the integrity of the financial system and prevents illegal financial activities. To report FinCEN fraud or violations, it is best to consult with a whistleblower law firm to guide you through the process, ensuring your case is handled with expertise and legal protection. Whistleblower lawyers can help you file reports with appropriate agencies, gather necessary evidence, and secure your whistleblower rights. They assist in navigating complex legal procedures and increasing the likelihood of a successful outcome.
Please be advised that there are no obligations incurred until we have conducted a comprehensive review and reached a determination regarding the potential for proceeding with your matter.
Submit your case anonymously