Blowing the Whistle: 2 Reforms to AML Included in New Bill
Two reforms to the Anti-Money Laundering Act that have been requested by whistleblower advocates are included in a bill recently introduced by Rep. Alma Adams (D-NC).
“The AML Whistleblower Program aims to incentivize individuals to blow the whistle on money laundering to the Treasury Department by offering monetary awards and anti-retaliation protections,” Whistleblower Network News reported. “The whistleblower provisions of the AML Act were largely modeled off those of the Dodd-Frank Act, the law which established the highly successful SEC Whistleblower Program, but a few key differences have created the loopholes.”
One of the main loopholes in the current AML Act is the lack of a mandatory award minimum, according to the report.
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