Phillips & Cohen partner Emily Stabile writes in American Banker’s BankThink about how “FinCEN’s whistleblower program stands to be a rich source of intelligence for the U.S. government, particularly in the areas of combating terrorism financing, money laundering and sanctions evasions. Yet despite its potential, the whistleblower program is hobbled by agency understaffing and the lack of program rules.”
Stabile writes, “Treasury has yet to issue final rules implementing the whistleblower program or make its first whistleblower award, despite receiving hundreds of whistleblower tips in the years since the program’s inception. This delay places the FinCEN whistleblower program at risk of potential whistleblowers losing confidence in the program.”
To read the full article visit: American Banker’s BankThink.