AML Whistleblower Rewards | Maximizing Anti Money Laundering Awards

How Anti Money Laundering Whistleblowers Can Maximize Rewards & Stay Anonymous

The Anti-Money Laundering Act enacted on January 1, 2021 offers potentially stratospheric cash awards to whistleblowers who follow a precise process to report illegal money laundering schemes. The new (expanded) whistleblower program is administered by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

Mahany Law’s AML Dream Legal Team Represents Whistleblowers

What makes us different? Our team and AML – SEC – Banking Enforcement experience.

We work with you to package, enhance, and argue your anti-money laundering case to earn the largest possible cash award. Here’s our AML whistleblower group:

Whistleblower attorney responsible for the largest recovery from a bank in US history ($16.67 Billion)
Ex SEC (Securities Exchange Commission) Chief of Investigations
Ex FDIC (Federal Deposit Insurance Corporation) Chief of Enforcement
Ex Treasury Special Agent (offshore money laundering)
Ex OCC (Office of the Comptroller of the Currency) Special Counsel
Former Federal and State Prosecutors
Multiple CFE (Certified Fraud Examiners)
Former Senior Investigator in Bernie Madoff and R. Allen Stanford Ponzi Scheme prosecutions
Former government terrorist intelligence team leader (terrorist hunter)

Long before Congress passed the Anti-Money Laundering Act in 2021, our experienced whistleblower lawyers have been prosecuting AML violations and helping whistleblowers collect rewards. Back then, our work was often like pounding square pegs into round holes. Over the years we created our bona fides by taking AML violations and massaging them to fit then-existing SEC and FIRREA whistleblower programs.

That gave us the experience that no legal team today can match.

From real world experience on the front lines of AML enforcement to academia (one of our lawyers is a professor teaching anti fraud and AML topics in the University of Maryland system), we wrote the book on AML. In fact, we really did write the book: Saints, Sinners & Heroes – Covert Ops in the Wars against the C-Suite Mafia (Amazon 2-category bestseller)

There are many lawyers and law firms that offer to take whistleblower cases. For most firms, it is simply “file and forget.” They file a case and hope the government takes it over. Those lawyers don’t have the much-needed experience to properly investigate and present cases.

We know exactly what prosecutors look for and we deliver a well investigated, optimally presented, prosecution-ready case. More importantly, we follow up our cases and keep working on them long afterwards.

Ready to see if you have a case? Start Here.

Contact an anti money laundering whistleblower lawyer at Mahany Law. To reach attorney Brian Mahany directly online, by email or by phone 800.669.7782.

Anonymous initial calls are welcome.

What You Need to Know About the New AML Whistleblower Law

The new Anti-Money Laundering Act (AMLA) is the most significant new anti-money laundering law since the Patriot Act passed in 2001. Section 6314 of the AMLA contains the new whistleblower reward provisions. Like existing SEC, IRS, CFTC and Foreign Corrupt Practices Act whistleblower provisions, the new law authorizes rewards of up to 30% of any monies recovered by the wrongdoers.

The law requires a minimum of $1 million in sanctions before rewards are paid. While that seems like a high bar, multimillion AML fines and penalties are the norm.

To be eligible for a reward, the whistleblower must be the original source of the information and provide that information to Treasury (FinCEN), the Justice Department or his or her employer by following a very specific process.

Like the other major U.S. whistleblower programs, non US citizen whistleblowers located anywhere in the world are eligible for rewards.

The reward provisions under AMLA differ from the Dodd-Frank law in that auditors and compliance professionals are eligible for anti-money laundering whistleblower rewards.

AML Whistleblower Law Allows Anonymous Filing

Whistleblowers need not disclose their identity but in order to remain anonymous, they must have an attorney file their claim. The law also has strict confidentiality provisions designed to better protect whistleblowers who wish to remain anonymous and keep their identities confidential.

Anti Retaliation Protections

Like the other popular whistleblower reward laws, employers are prohibited from retaliating against workers. The law states:

“No employer may, directly or indirectly, discharge, demote, suspend, threaten, blacklist, harass, or in any other manner discriminate against a whistleblower in the terms and conditions of employment or post-employment because of any lawful act done by the whistleblower [in reporting AML violations]”

Victims of retaliation are entitled to reinstatement (should they desire to return to work), double back pay, interest, attorney’s fees and other damages. The attorney’s fee provision is important as it makes it much easier to find a lawyer.

One downside to the new anti-money laundering whistleblower law is that the new enhanced anti-retaliation measures do not apply to employees of credit unions and FDIC insured banks. Employees of those financial institutions are subject to weaker existing anti retaliation laws. We will continue to lobby Congress to change fix that loophole.

How Much of an AMLA Reward Will I Receive?

The law is new so until we have several years of experience, it is hard to know exactly how the Treasury Department will calculate rewards for Anti-Money Laundering Whistleblowers.

Congress says that Treasury should follow the following criteria to determine the amount of the award:

Significance of the information provided by the whistleblower to the success of the covered judicial or administrative action;
Degree of assistance provided by the whistleblower and his or her lawyer;
Programmatic interest of the Department of the Treasury in deterring violations exposed by the whistleblower (how much of a priority is the violation); and
Other factors that Treasury and the Justice Department may later establish by regulation.

We know that under existing whistleblower programs, the timeliness in reporting the violation, any hardships suffered by the whistleblower, the whistleblower’s involvement in any wrongdoing and the efforts of the whistleblower to internally correct the violation before reporting are all relevant in determining rewards. We expect these same factors will be incorporated into the new program.

As said above, the maximum reward is 30% of whatever monies are collected from the wrongdoer. What makes the Anti-Money Laundering Act whistleblower program unique among other whistleblower laws is that there is no minimum reward percentage. All other existing whistleblower laws have a minimum reward of either 10% or 15%.

While we are certainly concerned by the lack of a minimum reward, we believe that Treasury will be fair in the administration of the program. As the agency begins the rulemaking process, we will certainly be lobbying for minimum reward thresholds for whistleblowers.

In calculating the amount of the reward, victim restitution or forfeitures are not included. All penalties, disgorgement and interest are included, however. It is important to have an experienced anti money laundering whistleblower lawyer to ensure that the method by which Treasury calculates your reward is most favorable to you.

Am I Eligible to Collect an AML Whistleblower Reward?

The AMLA whistleblower program is unique in that auditors and compliance officers are not excluded. In fact, the law specifically defines the term whistleblower as:

“Any individual who provides… information relating to a violation… to the employer of the individual…, including as part of the job duties of the individual… or to the Secretary or the Attorney General.”

This is in sharp contrast to the Dodd Frank whistleblower rules of the existing SEC whistleblower program.

Law enforcement officials, bank regulators and those criminally convicted for actions related to the violation are not eligible for a reward. Making a false statement or report to authorities will also void any reward.

In recent years, some companies have sought to muzzle whistleblowers by requiring them to submit all disputes to secret arbitration proceedings or forcing would be whistleblowers to waive any rights to receive a reward. Without the prospect of a reward, companies hoped that whistleblowers wouldn’t stick their necks out and report illegal behavior.

Congress learned from experience and bans these provisions under the new AMLA law.

For a confidential (anonymous first call if you wish) no-cost evaluation of your information to see what you might expect in the whistleblower process, contact attorney Brian Mahany or 800.669.7782

Other AML Whistleblower Programs

We have been representing financial services whistleblowers for many years, including those who sought to report money laundering violations. Even without the new AMLA, there are other whistleblower reward programs that may authorize additional rewards.

FIRREA – Bank Whistleblower Law

After the Savings and Loan crisis of the 1980’s. Congress passed the Financial Institutions Reform Recovery and Enforcement Act of 1989. FIRREA for short.

FIRREA authorizes the Justice Department to sue banks, bank officials and third parties for fraud involving U.S. financial institutions. A whistleblower provision passed after the 2008 banking crisis now allows whistleblowers to collect a reward for violations. Unlike AMLA which has no cap, FIRREA rewards are capped at $1.6 million.

FIRREA allows prosecutors to punish banks civilly for conduct that is also a crime. Criminal bank fraud, Bank Secrecy Act violations (AML violations), wire fraud and mail fraud can now be prosecuted civilly. Prosecutors love the law because it has a low burden of proof and a 10 year statute of limitation. Under the lower burden of proof standards, prosecutors can win their case by a mere preponderance of the evidence.

We love the law because prosecutors can pay cash awards to whistleblowers who confidentially report misconduct.

To learn more, visit our FIRREA bank fraud whistleblower page.

IRS and SEC Whistleblower Program

To date the SEC has paid millions of dollars of rewards. Some rewards have been in the tens of millions of dollars. While not exactly designed for AML violations, broker dealers who break AML laws are certainly within the purview of the program.

To the extent that the company violating the Bank Secrecy Act or AML rules is a public company, the SEC whistleblower program may also apply. And finally, in order to hide bribes to foreign government officials, companies that violate the Foreign Corrupt Practices Act often commit companion SEC books and records violations or AML violations.

Companies that launder money often misreport their taxes as well.

To lean more, visit our SEC whistleblower and Foreign Corrupt Practices Act FCPA whistleblower pages. Better yet, contact us to see if you have a case. The anti-money laundering whistleblower lawyers at Mahany Law can be reached online, by email or by phone 800.669.7782.

Anti-Money Laundering Act Whistleblower Provisions | Section 6314

Sec. 6314 of the Anti-Money Laundering Act Whistleblower Provisions (with helpful commentary from noted whistleblower attorney Brian Mahany)

SEC. 6314. UPDATING WHISTLEBLOWER INCENTIVES AND PROTECTION.

(a) WHISTLEBLOWER INCENTIVES AND PROTECTION
Section 5323 of title 31, United States Code, is amended to read as follows:
“§ 5323. Whistleblower Incentives and Protections
- “(a) DEFINITIONS.—In this section:
  - “(1) COVERED JUDICIAL OR ADMINISTRATIVE ACTION.—The term ‘covered judicial or administrative action’ means any judicial or administrative action brought by the Secretary of the Treasury (referred to in this section as the ‘Secretary’) or the Attorney General under this subchapter or chapter III that results in monetary sanctions exceeding $1,000,000. (AML whistleblower rewards are not available unless the government recovers at least $1 million. Multi-million dollar recoveries are the norm in government AML prosecutions)
  - “(2) MONETARY SANCTIONS.—The term ‘monetary sanctions’, when used with respect to any judicial or administrative action—
    - “(A) means any monies, including penalties, disgorgement, and interest, ordered to be paid; and
    - “(B) does not include—
      - “(i) forfeiture;
      - “(ii) restitution; or
      - “(iii) any victim compensation payment. (Rewards are based on penalties, disgorgement and interest recovered from the wrongdoer but not restitution and forfeitures)
  - “(3) ORIGINAL INFORMATION.—The term 1‘original information’ means information that—
    - “(A) is derived from the independent knowledge or analysis of a whistleblower;
    - “(B) is not known to the Secretary or the Attorney General from any other source, unless the whistleblower is the original source of the information; and
    - “(C) is not exclusively derived from an allegation made in a judicial or administrative hearing, in a governmental report, hearing, audit, or investigation, or from the news media, unless the whistleblower is a source of the information. (Collectively, these sections say that in order to collect a reward, you must have inside information not already known to the agency or the public.)
  - “(4) RELATED ACTION.—The term ‘related action’, when used with respect to any judicial or administrative action brought by the Secretary or the Attorney General under this subchapter or subchapter III, means any judicial or administrative action brought by an entity described in any of subclauses (I) through (III) of subsection (g)(4)(D)(i) that is based upon the original information provided by a whistleblower pursuant to subsection (b) that led to the successful enforcement of the action by the Secretary or the Attorney General.
  - “(5) WHISTLEBLOWER.—
    - “(A) IN GENERAL.—The term ‘whistleblower’ means any individual who provides, or 2 or more individuals acting jointly who provide, information relating to a violation of this subchapter or subchapter III to the employer of the individual or individuals, including as part of the job duties of the individual or individuals, or to the Secretary or the Attorney General.
    - “(B) SPECIAL RULE.—Solely for the purposes of subsection (g)(1), the term ‘whistleblower’ includes any individual who takes, or 2 or more individuals acting jointly who take, an action described in subsection (g)(1)(A). (Multiple whistleblowers can report together as a group. Absent a group filing, however, the government typically only pays the first to report. That means don’t delay! The other major takeaway of this section is that auditors and compliance professionals are included in the definition of whistleblowers, something not found in the SEC whistleblower program.)
- “(b) AWARDS.—
  - “(1) IN GENERAL.—In any covered judicial or administrative action, or related action, the Secretary, under regulations prescribed by the Secretary, in consultation with the Attorney General and subject to subsection (c) and to amounts made available in advance by appropriation Acts, shall pay an award or awards to 1 or more whistleblowers who voluntarily provided original information to the employer of the individual, the Secretary, or the Attorney General, as applicable, that led to the successful enforcement of the covered judicial or administrative action, or related action, in an aggregate amount equal to not more than 30 percent, in total, of what has been collected of the monetary sanctions imposed in the action or related actions. (The maximum reward is 30% of what is collected from the wrongdoer. Unlike other whistleblower programs, however, there is no minimum.)
  - “(2) SOURCE OF AWARDS.—For the purposes of paying any award under this section, the Secretary may, subject to amounts made available in advance by appropriation Acts, use monetary sanction amounts recovered based on the original information with respect to which the award is being paid
- “(c) DETERMINATION OF AMOUNT OF AWARD; DENIAL OF AWARD.—
  - “(1) DETERMINATION OF AMOUNT OF AWARD.—
    - “(A) DISCRETION.—The determination of the amount of an award made under subsection (b) shall be in the discretion of the Secretary.
    - “(B) CRITERIA.—In determining the amount of an award made under subsection (b), the Secretary shall take into consideration—
      - “(i) the significance of the information provided by the whistleblower to the success of the covered judicial or administrative action;
      - “(ii) the degree of assistance provided by the whistleblower and any legal representative of the whistleblower in a covered judicial or administrative action; (Having an experienced anti-money laundering whistleblower lawyer is critical since the government is specifically directed to measure the “degree of assistance provided by the whistleblower’s lawyer. Those without a lawyer or whose lawyer practices “file and forget” could receive much smaller rewards.)
      - “(iii) the programmatic interest of the Department of the Treasury in deterring violations of this subchapter and subchapter III by making awards to whistleblowers who provide information that lead to the successful enforcement of either such subchapter; and
      - “(iv) such additional relevant factors as the Secretary, in consultation with the Attorney General, may establish by rule or regulation. (We know from experience that other factors likely to be consider by Treasury in determining how much to reward will include the timeliness in reporting the violation, whether the whistleblower attempted to mitigate the violation internally before reporting and whether the whistleblower experienced any hardship as the result of being a whistleblower)
  - “(2) DENIAL OF AWARD.—No award under subsection (b) may be made—
    - “(A) to any whistleblower who is, or was at the time the whistleblower acquired the original information submitted to the Secretary or the Attorney General, as applicable, a member, officer, or employee—
      - “(i) of—
        
        “(I) an appropriate regulatory or banking agency;
        
        “(II) the Department of the 16 Treasury or the Department of Justice; or
        
        “(III) a law enforcement agency; and
        
        “(ii) acting in the normal course of the job duties of the whistleblower; (law enforcement and bank regulators are not eligible for rewards although compliance officers, auditors and other bank employees are eligible.)
    - “(B) to any whistleblower who is convicted of a criminal violation related to the judicial or administrative action for which the whistleblower otherwise could receive an award under this section; or (Some of our best whistleblowers are folks who participated in the wrongdoing. Unless you were convicted for your role in the wrongdoing, you are eligible for a reward. If Treasury adopts the rules used by other agencies in determining rewards, expect that your role in any wrongdoing may be a factor. That means the “kingpin” or senior manager behind the illegal scheme might not be eligible or may receive a minimal reward. Always consult with experienced anti-money laundering whistleblower lawyers to ensure eligibility and to determine if you have any criminal exposure.)
    - “(C) to any whistleblower who fails to submit information to the Secretary or the Attorney General, as applicable, in such form as the Secretary, in consultation with the Attorney General, may, by rule, require. (You must dot the “I’s” and cross the “t’s” to collect a reward. If you don’t follow the specific procedures laid out by Treasury and FinCEN there is no reward. We constantly hear from whistleblowers who claim to have called hotlines or written letters reporting wrongdoing only to find out they are not eligible for a reward. Always contact an experienced AML whistleblower lawyers if you want a reward.)
- “(d) REPRESENTATION.—
  - “(1) PERMITTED REPRESENTATION.—Any whistleblower who makes a claim for an award under subsection (b) may be represented by counsel.
  - “(2) REQUIRED REPRESENTATION.—
    - “(A) IN GENERAL.—Any whistleblower who anonymously makes a claim for an award under subsection (b) shall be represented by counsel if the whistleblower anonymously submits the information upon which the claim is based.
    - “(B) DISCLOSURE OF IDENTITY.—Before the payment of an award, a whistleblower shall disclose the identity of the whistleblower and provide such other information as the Secretary may require, directly or through counsel for the whistleblower. (Like the SEC, Treasury allows anonymous whistleblowers but to file anonymously, you must have a lawyer. If the Treasury AML whistleblower program is anything like the IRS or SEC whistleblower attorney, you should always retain experienced AML whistleblower lawyers if you hope to gain a reward. For example, the SEC presently only accepts less than 1% of the reward applications submitted. An experienced lawyer who knows what Treasury wants can make the difference between nothing and a multi-million dollar reward.)
- “(e) NO CONTRACT NECESSARY.—No contract with the Department of the Treasury is necessary for any whistleblower to receive an award under subsection (b), unless otherwise required by the Secretary by rule or regulation.
- “(f) APPEALS.—
  - “(1) IN GENERAL.—Any determination made under this section, including whether, to whom, or in what amount to make awards, shall be in the discretion of the Secretary.
  - “(2) REQUIREMENTS.—
    - “(A) IN GENERAL.—Any determination described in paragraph (1), except the determination of the amount of an award if the award was made in accordance with subsection (b), may be appealed to the appropriate court of appeals of the United States not more than 30 days after the determination is issued by the Secretary. (Disputes as to whether you qualify for a reward or disputes among competing whistleblowers can be appealed to court but not the amount of the reward. The latter is in the sole discretion of Treasury.)
    - “(B) SCOPE OF REVIEW.—The court to which a determination by the Secretary is appealed under subparagraph (A) shall review the determination in accordance with section 706 of 23 title 5.
- “(g) PROTECTION OF WHISTLEBLOWERS.—
  - “(1) PROHIBITION AGAINST RETALIATION.—No employer may, directly or indirectly, discharge, demote, suspend, threaten, blacklist, harass, or in any other manner discriminate against a whistleblower in the terms and conditions of employment or post-employment because of any lawful act done by the whistleblower— (The AML anti-retaliation provisions are direct to “employees.” It is unknown if the agency, Congress or the courts will extend these protections to other such as contractors, vendors and other third parties.)
    - “(A) in providing information in accordance with this section to—
      - “(i) the Secretary or the Attorney General;
      - “(ii) a Federal regulatory or law enforcement agency;
      - “(iii) any Member of Congress or any committee of Congress; or
      - “(iv) a person with supervisory authority over the whistleblower, or such other person working for the employer who has the authority to investigate, discover, or terminate misconduct; or
    - “(B) in initiating, testifying in, or assisting in any investigation or judicial or administrative action of the Department of the Treasury or the Department of Justice based upon or related to the information described in subparagraph (A); or
    - “(C) in providing information regarding any conduct that the whistleblower reasonably believes constitutes a violation of any law, rule, or regulation subject to the jurisdiction of the Department of the Treasury, or a violation of section 1956, 1957, or 1960 of title 18 (or any rule or regulation under any such provision), to—
      - “(i) a person with supervisory authority over the whistleblower at the employer of the whistleblower; or “(ii) another individual working for the employer described in clause (i) who the whistleblower reasonably believes has the authority to—
        
        ‘‘(I) investigate, discover, or terminate the misconduct; or
        
        “(II) take any other action to address the misconduct.
  - “(2) ENFORCEMENT.—Any individual who alleges discharge or other discrimination, or is otherwise aggrieved by an employer, in violation of paragraph (1), may seek relief by—
    - “(A) filing a complaint with the Secretary of Labor in accordance with the requirements of this subsection; or
    - “(B) if the Secretary of Labor has not issued a final decision within 180 days of the filing of a complaint under subparagraph (A), and there is no showing that such a delay is due to the bad faith of the claimant, bringing an action against the employer at law or in equity in the appropriate district court of the United States, which shall have jurisdiction over such an action without regard to the amount in controversy. (Retaliation claims are first investigated by the Department of Labor. If they take no action in 180 days the employee may sue.)
  - “(3) PROCEDURE.—
    - “(A) DEPARTMENT OF LABOR COMPLAINT.—
      - “(i) IN GENERAL.—Except as provided in clause (ii) and subparagraph (C), the requirements under section 42121(b) of title 49, including the legal burdens of proof described in such section 42121(b), 2 shall apply with respect to a complaint filed under paragraph (2)(A) by an individual against an employer.
      - “(ii) EXCEPTION.—With respect to a complaint filed under paragraph (2)(A), notification required to be made under section 42121(b)(1) of title 49 shall be made to each person named in the complaint, including the employer.
    - “(B) DISTRICT COURT COMPLAINT.—
      - “(i) JURY TRIAL.—A party to an acion brought under paragraph (2)(B) shall be entitled to trial by jury.
        
        “(ii) STATUTE OF LIMITATIONS.—
        
        “(I) IN GENERAL.—An action may not be brought under paragraph (2)(B)—
        
        “(aa) more than 6 years after the date on which the violation of paragraph (1) occurs;
        
        “(bb) more than 3 years after the date on which when facts material to the right of action are known, or reasonably should have been known, by the employee alleging a violation of paragraph (1). (Victims of retaliation have at least 3 years to bring a complaint.)
        
        “(II) REQUIRED ACTION WITHIN 10 YEARS.—Notwithstanding subclause (I), an action under paragraph(2)(B) may not in any circumstance be brought more than 10 years after the date on which the violation occurs.
    - “(C) RELIEF.—Relief for an individual prevailing with respect to a complaint filed under subparagraph (A) of paragraph (2) or an action brought under subparagraph (B) of that paragraph shall include—
      - “(i) reinstatement with the same seniority status that the individual would have had, but for the conduct that is the subject of the complaint or action, as applicable;
      - “(ii) 2 times the amount of back pay otherwise owed to the individual, with interest;
      - “(iii) the payment of compensatory damages, which shall include compensation for litigation costs, expert witness fees, and reasonable attorneys’ fees; and
      - “(iv) any other appropriate remedy with respect to the conduct that is the subject of the complaint or action, as applicable. (The AML whistleblower antiretaliation provisions are better than existing protections available for bank and credit union employees.)
  - “(4) CONFIDENTIALITY.—
    - “(A) IN GENERAL.—Except as provided in subparagraphs (C) and (D), the Secretary or the Attorney General, as applicable, and any officer or employee of the Department of the Treasury or the Department of Justice, shall not disclose any information, including information provided by a whistleblower to either such official, which could reasonably be expected to reveal the identity of a whistleblower, except in accordance with the provisions of section 552a of title 5, unless and until required to be disclosed to a defendant or respondent in connection with a public proceeding instituted by the appropriate such official or any entity described in subparagraph (D).
    - “(B) EXEMPTED STATUTE.—For purposes of section 552 of title 5, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
    - “(C) RULE OF CONSTRUCTION.—Nothing in this section is intended to limit, or shall be construed to limit, the ability of the Attorney General to present such evidence to a grand jury or to share such evidence with potential witnesses or defendants in the course of an ongoing criminal investigation.
    - “(D) AVAILABILITY TO GOVERNMENT AGENCIES.—
      - “(i) IN GENERAL.—Without the loss of its status as confidential in the hands of the Secretary or the Attorney General, as applicable, all information referred to in subparagraph (A) may, in the discretion of the appropriate such official, when determined by that official to be necessary to accomplish the purposes of this subchapter, be made available to—
        
        “(I) any appropriate Federal authority;
        
        “(II) a State attorney general in connection with any criminal investigation;
        
        “(III) any appropriate State regulatory authority; and
        
        “(IV) a foreign law enforcement authority.
      - “(ii) CONFIDENTIALITY.—
        
        “(I) IN GENERAL.—Each of the entities described in subclauses (I) through (III) of clause (i) shall maintain such information as confidential in accordance with the requirements established under subparagraph (A).
        
        “(II) FOREIGN AUTHORITIES.— Each entity described in clause (i)(IV) shall maintain such information in accordance with such assurances of confidentiality as determined by the Secretary or Attorney General, as applicable.
  - “(5) RIGHTS RETAINED.—Nothing in this section shall be deemed to diminish the rights, privileges, or remedies of any whistleblower under any Federal or State law or under any collective bargaining agreement.
  - “(6) COORDINATION WITH OTHER PROVISIONS OF LAW.—This subsection shall not apply with respect to any employer that is subject to section 33 of the Federal Deposit Insurance Act (12 U.S.C. 23 1831j) or section 213 or 214 of the Federal Credit Union Act (12 U.S.C. 1790b, 1790c). (Employees of FDIC insured banks and credit unions are not protected by the new law but still enjoy some protections under existing federal antiretaliation laws. Hopefully Congress removes this loophole.)
- “(h) PROVISION OF FALSE INFORMATION.—A whistleblower shall not be entitled to an award under this section if the whistleblower—
  - “(1) knowingly and willfully makes any false, fictitious, or fraudulent statement or representation; or
  - “(2) uses any false writing or document knowing the writing or document contains any false, fictitious, or fraudulent statement or entry.
- “(i) RULEMAKING AUTHORITY.—The Secretary, in consultation with the Attorney General, shall have the authority to issue such rules and regulations as may be necessary or appropriate to implement the provisions of this section consistent with the purposes of this section.
- “(j) NONENFORCEABILITY OF CERTAIN PROVISIONS WAIVING RIGHTS AND REMEDIES OR REQUIRING ARBITRATION OF DISPUTES.—
  - “(1) WAIVER OF RIGHTS AND REMEDIES.—The rights and remedies provided for in this section may not be waived by any agreement, policy form, or condition of employment, including by a predispute arbitration agreement.
  - “(2) PREDISPUTE ARBITRATION AGREEMENTS.—No predispute arbitration agreement shall be valid or enforceable, to the extent the agreement requires arbitration of a dispute arising under this section.’’
    - (b) REPEAL OF SECTION 5328 OF TITLE 31.—Section 5328 of title 31, United States Code, is repealed.
    - (c) TECHNICAL AND CONFORMING AMENDMENTS.— The table of sections for subchapter II of chapter 53 of title 31, United States Code, is amended—
      - (1) by striking the item relating to section 5323 and inserting the following: “5323. Whistleblower incentives and protections.’’; and
      - (2) by striking the item relating to section 5328.

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AML (Anti-Money Laundering) Whistleblower Rewards (2021 Law)