Why You Need an AML Whistleblower Attorney
If you are thinking about coming forward as an Anti-Money Laundering whistleblower, one of the first decisions you need to make is whether to hire an attorney. But, for the reasons discussed below, this really shouldn’t be a decision at all. There are many reasons to hire an attorney if you are thinking about blowing the whistle; and, since you can schedule a free and confidential consultation with an AML whistleblower attorney, the reality is that you have no reason not to seek legal advice in this situation.
Beyond this, however, working with an experienced AML whistleblower attorney offers several advantages. Although recent amendments to the federal AML whistleblower laws have made it easier for current and former bank employees (among other individuals) to come forward, filing a complaint is still a complex and time-consuming process. If you make mistakes, not only could you end up wasting your time, but you could also find yourself without the protections afforded to whistleblowers who come forward correctly.
5 Important Reasons to Hire an AML Whistleblower Attorney
Here are five important reasons to hire an AML whistleblower attorney if you are thinking about coming forward to expose fraud, corruption, or any other AML-related violation of federal law:
1. You Need to Make Sure You Are Eligible Before You Come Forward
While whistleblowers are entitled to strong protections under federal law, to secure these protections, you need to formally qualify as a whistleblower. If you aren’t eligible for whistleblower protection, the government may not be required to protect your identity, and the anti-retaliation provisions that apply under the Anti-Money Laundering Act of 2020 (AMLA) and Anti-Money Laundering Improvement Act of 2022 (AMLIA) may not apply.
The same is true with regard to whistleblower compensation. While federal law makes whistleblower compensation available to those who help the federal government recover $1 million or more in AML enforcement cases, this compensation for sanctions violations and AML violations is only awarded to those who formally qualify as whistleblowers. An AML whistleblower attorney can determine if you meet the eligibility criteria; and, if you do, your attorney can establish your eligibility with the federal government.
2. Filing an AML Whistleblower Complaint is a Complex Process
Filing an AML whistleblower complaint is not a simple matter of disclosing information to the federal government. You must contact the appropriate federal agency through the appropriate means, and you must submit all necessary information to establish your eligibility.
This, then, is just the start of the process. whistleblowers reporting money laundering will be expected to cooperate with the federal government during its investigation—and, generally speaking, the more information you provide, the more whistleblower compensation you will be eligible to receive. If you become eligible for whistleblower compensation, securing payment from the federal government will be another process on its own. An attorney who has experience representing AML whistleblowers will be able to help you navigate the process while communicating with the federal government on your behalf along the way.
3. Various Federal Statutes May Apply
Under the AMLA and AMLIA, whistleblowers can come forward with information about violations of multiple federal statutes. When you come forward, however, you must be able to pinpoint the specific statutory provision(s) that apply. The statutes covered under the federal AML Whistleblower Program include:
Bank Secrecy Act (31 U.S.C. § 5311 et seq.)
The majority of AML whistleblower complaints fall under the Bank Secrecy Act (BSA). If you come forward as an AML whistleblower, you will most likely (but not necessarily) be filing your complaint under one or more provisions of the BSA. Some examples of financial institution practices that violate the BSA include:
- Failing to comply with the BSA’s Know Your Customer (KYC) requirements
- Failing to generate and/or store the documentation required under the BSA
- Failing to file Currency Transaction Reports (CTRs) or Suspicious Activity Reports (SARs)
- Facilitating transactions that are structured to avoid AML reporting requirements
- Facilitating terrorist financing
Again, these are just examples. The BSA is extremely broad in scope, and financial institutions have a multitude of AML-related violations under the law. If you have suspicions or concerns, an AML whistleblower attorney can help you determine whether filing a complaint under the BSA is warranted.
Foreign Narcotics Kingpin Designation Act (21 U.S.C. § 1901 et seq.)
The Foreign Narcotics Kingpin Designation Act establishes requirements for financial institutions related to “the identification of and worldwide sanctions against foreign narcotics traffickers whose activities threaten U.S. security, foreign policy, or the economy.” While violations of the Foreign Narcotics Kingpin Designation Act are far less common than violations of the BSA, if you need to report a violation of this statute, it is critical that you disclose sufficient information to warrant a federal investigation.
International Emergency Economic Powers Act (50 U.S.C. § 1701 et seq.)
The International Emergency Economic Powers Act gives the federal government broad authority to investigate transactions with apparent links to terrorist activity and other threats to national security. If a financial institution fails to implement sufficient safeguards to identify and avoid processing or facilitating these transactions, this can support a whistleblower complaint under the AMLA. However, here too, it is critical that you correctly identify (and adequately substantiate) the violation(s) at issue.
Trading With the Enemy Act (50 U.S.C. § 4301 et seq.)
The Trading With the Enemy Act (TWEA) works alongside the other statutes discussed above to facilitate the prohibition and prosecution of transactions that present threats to national security. Like the other statutes discussed above, it is extraordinarily complex, and substantiating a violation requires in-depth knowledge of the law.
4. AML Whistleblower Lawyers Can Help Protect Your Identity
Along with assessing your eligibility and assisting with the preparation and filing of your complaint under the appropriate federal statute(s), your AML whistleblower attorney can also help protect your identity. While you have the right to file your complaint anonymously, doing so necessarily involves hiring an attorney to interface with the federal government on your behalf.
5. Your AML Whistleblower Lawyer Can Take Action if You Experience Retaliation
In the vast majority of cases, AML whistleblowers’ employers (or former employers) will not be able to discern their identity. But, there are exceptions.
For this reason, in addition to protecting whistleblowers’ identities, the AML Whistleblower Program provides protections against (and remedies for) retaliation. If you experience retaliation after filing your whistleblower complaint, your attorney will be able to take appropriate legal action on your behalf.
Put our highly experienced team on your side
Dr. Nick Oberheiden
Founder
Attorney-at-Law
Lynette S. Byrd
Former DOJ Trial Attorney
Partner
Brian J. Kuester
Former U.S. Attorney
Hon. Kevin McCarthy
55th Speaker, U.S. House of Representatives (ret.)
Government Consultant
Mike Pompeo
Of Counsel
Former U.S. Secretary of State
John W. Sellers
Former Senior DOJ Trial Attorney
Linda Julin McNamara
Federal Appeals Attorney
Nicholas B. Johnson
Former Prosecutor
Roger Bach
Former Special Agent (DOJ)
Chris J. Quick
Former Special Agent (FBI & IRS-CI)
Michael S. Koslow
Former Supervisory Special Agent (DOD-OIG)
Ray Yuen
Former Supervisory Special Agent (FBI)
5 More Important Facts to Know About Hiring an AML Whistleblower Attorney
Now that we’ve covered some of the main reasons to hire an AML whistleblower attorney, here is some more important information about hiring an attorney to represent you:
1. Hiring an AML Whistleblower Attorney Costs Nothing Out-of-Pocket
Hiring an AML whistleblower attorney costs nothing out-of-pocket. At Oberheiden P.C., we provide contingency-fee representation for all federal whistleblower cases, which means that our legal fees (if any) are calculated as a percentage of our clients’ whistleblower compensation.
2. Your Initial Consultation is 100% Confidential
In addition to being free, your initial consultation is 100% confidential. We will protect all information you share with us (including your identity), and we will not disclose any information you provide—to the federal government or otherwise—unless you specifically authorize us to do so.
3. You Are Under No Obligation to Move Forward with Filing an AML Whistleblower Claim
Scheduling an initial consultation does not obligate you to move forward with filing an AML whistleblower claim. We expect you to come to us with questions. Our attorneys will help you make informed decisions, and we will support your decisions whatever they may be.
4. If You Decide to Come Forward, Your Attorney Can Serve as Your Liaison with the Government
If you decide to come forward, your attorney at Oberheiden P.C. will serve as your liaison with the federal government. Your attorney will help you understand what you are (and aren’t) required to disclose, what you should (and shouldn’t) disclose voluntarily, and what you need to do to preserve your eligibility for an AML whistleblower reward.
5. Your Attorney Can Assist with Securing Your AML Whistleblower Reward
If your complaint results in the federal government recovering $1 million or more, your attorney can assist with securing your AML whistleblower award. This includes both working with the government’s attorneys to calculate the amount of your reward and helping you secure payment from the federal government.
Should You Hire an Attorney to Help You Come Forward As an AML Whistleblower?
With all of this in mind, should you hire an attorney to help you come forward as an AML whistleblower? The best way to answer this question is to schedule a confidential consultation. Once again, this is completely free, and our attorneys will be more than happy to explain everything you need to know in order to make informed decisions about your next steps.
Schedule a Confidential Consultation with an AML Whistleblower Attorney at Oberheiden P.C.
If you would like to speak with an AML whistleblower attorney, please call 888-680-1745 or contact us online. Once you get in touch, we will arrange for you to speak with one of our senior attorneys in strict confidence at a time that is convenient for you.
